Algeria Joins the Pan-African Payment and Settlement System (PAPSS)
Algeria has become a member of the Pan-African Payment and Settlement System (PAPSS), a crucial initiative designed to streamline financial transactions across the African continent. This move signifies a significant step towards enhancing financial integration and boosting economic cooperation within Africa.
Expanding the PAPSS Footprint
The PAPSS announced the addition of the Central Bank of Algeria to its network on its social media platforms on July 31st. The announcement highlighted Algeria’s commitment to regional financial integration. This inclusion expands PAPSS’s reach to 18 countries spread across four African regions. The organization emphasized that this expansion represents a significant milestone in its mission to simplify cross-border payments and commercial settlements. By facilitating smoother and more efficient financial transfers, the partnership is expected to generate time and cost savings for businesses and financial institutions.
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