Example sentences (3)
Also known as PAPSS, this is a platform that facilitates instant cross-border payments in local currencies between countries, and could save Africans $5 billion annually, according to the Afreximbank.
Chelagui notes PAPSS operationalization will minimize risk and provide an alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade and other economic activities among African countries.
Papss secretariat announced on Tuesday that Malawian commercial banks will join the payment platform in the first quarter of 2024.