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What is the pan african payment settlement system and how it works?

To accelerate trades across Africa a comfortable means of payment is needed as most services open to the western world like PayPal aren’t available for the online community in this part of the world. The Pan African Payment Settlement System Is one that hopes to break these barriers by connecting payments across Africa.

Pan African Payment and Settlement System

In this article, we will explore all the details about PAPSS and how to use it for your transaction across Africa. We will explore how buyers and sellers can utilize it to maximize efficiency in business.

We will also look at its safety profile from real-time user reviews. Nobody wants to use a fraudulent payment system and that is what this article will try to answer.

What is Pan African payment system?

The company likes to be called PAPSS for short, it is a cross-border market platform enabling payments across Africa.

They connect banks across Africa with payment providers and customers making payments more secure across the continent.

They feature a simplified means of payment and instant payments where beneficiaries can get paid in local currencies in the shortest possible time.

 Benefits:

1.   Boost local currencies

Eliminates the need for forex and makes the value of local currencies better.

2.   Jobs

The platform provides more opportunities for indigent Africans to get employed as part of a robust financial team.

3.   Easier trades across Africa

Trading between individuals in different countries that make up Africa can now be done easily and fast utilizing this payment and settlement system.

4.   Litmus test for single currency project for Africa

It cuts across the major banks and regulated financial institutions in Africa and gives room to test the single African currency.

Pros

For a service that aims to provide secure and seamless payments, there are many pros if you opt to use them. Some of the benefits are outlined below:

1.   Payments are fast :

It reduces the turnaround time of conventional payment methods available within the continents for trading. In a few minutes, her technology can enable payments in local currencies.

2.   Reduced cost of payments:

Fees charged on transactions are low compared to other methods.

3.   More secured payment methods:

It has innovations that make payments more secure, you can have your transactions with the rest of your mind and have fewer worries about being defrauded.

4.   Foreign exchange conversion hassles eliminated:

To trade and receive funds from customers of another country, you do not need to go through the hectic process of converting your local currency to another as this process is done on the platform and at a fair rate.

5.   Transactions are faster:

Customers can pay for goods and services swiftly with this technology.

How PAPPS WORKS

As we explained earlier the platform connects the sender with receiving institution or company regardless of local currency.

Steps:

1. Sender initiates a transaction using their financial institution to PAPSS by using their credit or digital bank cars on the Pan African Payment and Settlement System website or app.

2. Payment is processed to the receiving institution and payment is made in the receiver's local currency.

Cons

One will wonder if a platform that hopes to make transactions easier and faster in Africa will have disadvantages.

One which is noteworthy is the ease of use of the platform, it needs to be worked on to be user-friendly so people can use it easily for transactions.

FAQ

Who owns PAPSS?

It is owned by Afreximbank (African Export-Import Bank) a leading trade finance institution in Africa.

Afreximbank started a charter by African governments in 1993, Algeria became her 52nd member on 30th June 2022.

Is it legit or a scam?

To give customers rest of mind while transacting on the platform the company declared on their website that they are in partnership with renowned financial institutions and banks across Africa like the Central bank of Nigeria, Bank of Ghana, the central bank of Liberia, Central bank of Gambia, Bank of Sierra Leone, BCRG Guinea, NIBSS, GhIPSS, Gam Switch, RSwitch, Ecobank, UBA, Sterling, Zenith, FirstBank, Stanbic IBTC, Standard Chartered, International Bank Limited, GCB, GTBank, Bank of Africa, Vista, Trust Bank Ltd, Unionbank, Wema bank, Lotus, Keystone, unity bank, etc.

They also have a memorandum of understanding with Smart Africa, Bina, COMESA, AfricaNenda, and MFS Africa.

So far there are no negative reviews or claims of scam, until something contrary creeps in we can regard them as a safe place to have transactions done but as with any financial institution do proper scrutiny before use.

Conclusion:

PAPSS is a leading financial institution owned by Afreximbank that aims to make payments for transactions in Africa easier and better without the need for currency conversions or foreign exchange.

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