Kenya joins the Pan African Payments and Settlemt System (PAPSS)

The Central Bank of Kenya finally signed Transactional  instruments that have made Kenya join the Pan African Payments and Settlemt System (PAPSS).
Kenya's Ministry of Industry, Trade & Investment,Cabinet Secretary-CS Moses Kuria announced on Friday,29th September 2023. 

This move means that Kenyan companies can trade with their peers from other African Member States using our local Currencies, a major boost for the African Continental Free Trade Area (AfCFTA).

What PAPSS means for African markets:
Governments and central banks partnering with PAPSS benefit from:
1.easing the pressure on current accounts and demands for foreign exchange liquidity. 

2.Increased transparency of cross-border trade activity, bringing greater oversight of cross-border transactions and increased potential to generate revenue.

3.Enhanced financial inclusion opportunities and improved economic growth through intra-African trade.


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