African banks, fintechs, and policymakers recently gathered in Lagos for the inaugural Pan-African Payment and Settlement System COWRY event. This initiative aims to create a more integrated continental payment infrastructure, addressing significant inefficiencies in cross-border transactions that cost Africa an estimated $5 billion annually.
The Pan-African Payment and Settlement System (PAPSS) is presented as a homegrown solution to unlock this lost value. It enables businesses of all sizes to conduct seamless cross-border transactions. Hosted by Afreximbank, the African Union, and the AfCFTA Secretariat, the conference showcased PAPSS’s tools like the Instant Payment System and African Currency Marketplace.
Key figures like Professor Pius Olanrewaju highlighted PAPSS’s role in strengthening Africa’s financial infrastructure and realizing the AfCFTA’s potential. The system facilitates real-time payments in local currencies, cutting down on delays and costs associated with non-African currencies, thereby boosting intra-Africa trade.