Hi Hivers 
Today I said let me write about the PAPSS 

![](https://images.ecency.com/DQmbCFw56DJ2z3WHm7Ypn9qFhdaxXbiBoAS8d7Tavqq6ZMc/1751920975830.jpg)
<a href="https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.proshare.co/articles/list%3Fmenu%3DBusiness%26classification%3DRead%26category%3DTrade%2520Investment%26pageId%3D5&ved=2ahUKEwjS_6S5zquOAxUGQkEAHVs_NYkQ8g16BAgjEAA&usg=AOvVaw3muJ68lobnPlbppnof-bsa">image</a>

Imagine a continent of 1.3 billion people depending on dollar for local trades among themselves. 
First some people will ask what is PAPSS? especially for the non-Africans 

PAPSS is an acronym of Pan-African Payment and Settlement System. The PAPSS is a Pan-African real-time gross settlement (RTGS) used for cross-border payments in distinct local currencies especially for African Countries. 

When was it Launched?? 

It was launched on January 13, 2022 by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area (AfCFTA) which they later include Caribbean region in 2024 to the PAPPS. 

![](https://images.ecency.com/DQmW2GjHyFVe3oBfWJ8Nczc69UnrUhnYYxefr2w5GKcbLPJ/1751921394945.jpg)
<a href="https://images.app.goo.gl/sKTpJ">image source</a>

Why is it necessary?? 

For the past years many African Countries has have this issues of transferring money to follow African countries without the use of Dollar or Euros slowing trade between follow African countries. 
Example: If I stay in Nigeria and I want to buy goods from Ghana, I need to buy dollar with my Naira and then transfer the dollar to cedis.

With the help of PAPSS I can transfer money from one country to another without the use of Dollar, (I can now use my Naira to buy goods in Ghana without buying dollar, and the recipient will receive the money in Cedis).


![](https://images.ecency.com/DQmfGree9TouD6vBr9sZ1yaUJDBrZahf6QRMnVSLVmmbjA4/1751921513347.webp)
<a href="https://images.app.goo.gl/sKTpJ">image source</a>

Benefit of PAPSS? 
 1. It reduces transaction cost for Africans to transfer money than using the normal international transaction standard. It will save $5 billion from our recent transactions.
2. It makes payments faster and we no longer need to transfer money to send our money to America (by buying dollar) before sending it back to Africa but you can do direct transaction to any destination if your choice in Africa. 
3. It helps foster businesses in Africa as local countries are now improving local trades 
4. Africa gets Richer 

As an African how can I use it? 
Just go to your Central Bank and request for PAPSS.

I will be bringing more financial news on African Financial and political achievements. 

Before I go have you transfered money from one African country to another before? What was your experience?