• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria’s Foreign Reserve Witnesses Remarkable Growth In April

Afreximbank Launches Pan-African Payment Platform To Shrink Pound/Dollar Use

4 years ago
2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

8 hours ago
China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

10 hours ago
JUST IN: Tinubu Showers National Honours On Nigeria’s Super Falcons, Gifts $100,000, Houses Each To Players

JUST IN: Tinubu Showers National Honours On Nigeria’s Super Falcons, Gifts $100,000, Houses Each To Players

13 hours ago
Africa Takes Spotlight As UNESCO Adds 26 Sites To Heritage List

Africa Takes Spotlight As UNESCO Adds 26 Sites To Heritage List

14 hours ago
Donald Trump Faults Netanyahu’s Claim Of No Starvation In War-Torn Gaza

Donald Trump Faults Netanyahu’s Claim Of No Starvation In War-Torn Gaza

15 hours ago
Tuesday, July 29, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    HT Exclusive: With 80 Presidential Aspirants, Is The End Of Paul Biya’s 4-Decade Grip On Power Imminent?

    HT Exclusive: With 80 Presidential Aspirants, Is The End Of Paul Biya’s 4-Decade Grip On Power Imminent?

    CAR: President Touadera Announces Third Term Bid After Removing Tenure Limit

    CAR: President Touadera Announces Third Term Bid After Removing Tenure Limit

    Cameroon: Electoral Body Disqualifies President Biya’s Main Challenger

    Cameroon: Electoral Body Disqualifies President Biya’s Main Challenger

    Insecurity In West Africa No Longer France’s Concern — Minister

    Insecurity In West Africa No Longer France’s Concern — Minister

    Rwanda: Kagame Appoints Top Central Bank Official As New PM

    Rwanda: Kagame Appoints Top Central Bank Official As New PM

    Strained Relations: Ramaphosa, Trump To Meet This Week

    US: Lawmakers Vote To Favour Bill Seeking Sanctions Against SA Over Its Foreign Policy

    As Regional Tension Worsens, Eritrea Cautions Ethiopia Against Conflict

    As Regional Tension Worsens, Eritrea Cautions Ethiopia Against Conflict

    Algeria Is Neutral In Libya Conflict, Says President Tebboune

    Algeria Is Neutral In Libya Conflict, Says President Tebboune

    Burkina Faso: Military Govt Scraps Electoral Body, Says It’s Waste Of Funds

    Burkina Faso: Military Govt Scraps Electoral Body, Says It’s Waste Of Funds

  • Economy
    Russia Forges Closer Ties With Direct Flights To North Korea

    Russia Forges Closer Ties With Direct Flights To North Korea

    Nigerian Govt, BoI Earmark N50m Innovation Grant For STEMM Students

    Nigerian Govt, BoI Earmark N50m Innovation Grant For STEMM Students

    IMF To Visit Senegal In August, With Focus On Hidden Debts, New Disbursements

    IMF To Visit Senegal In August, With Focus On Hidden Debts, New Disbursements

    Kenya: President Ruto’s Convoy Kills British National

    Kenya: Rating Agency Says Cost Of Debt Servicing’ll Remain High Over Local Borrowing

    Zambia Seals $1.1bn Deal With Chinese Firm To Construct 60,000 BPD Refinery

    Zambia Seals $1.1bn Deal With Chinese Firm To Construct 60,000 BPD Refinery

    Gita Gopinath To Step Down From IMF, Return To Harvard Faculty In September

    Gita Gopinath To Step Down From IMF, Return To Harvard Faculty In September

    AfDB To Boost Sustainable Agriculture In Morocco With $116 Million Loan

    AfDB To Boost Sustainable Agriculture In Morocco With $116 Million Loan

    Ghana, Serbia To Sign Labour Mobility Agreement

    Ghana, Serbia To Sign Labour Mobility Agreement

    Ghana: President Mahama Stops Payment Of Fuel Allowance To Officials

    Ghana: President Mahama Stops Payment Of Fuel Allowance To Officials

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    HT Exclusive: With 80 Presidential Aspirants, Is The End Of Paul Biya’s 4-Decade Grip On Power Imminent?

    HT Exclusive: With 80 Presidential Aspirants, Is The End Of Paul Biya’s 4-Decade Grip On Power Imminent?

    CAR: President Touadera Announces Third Term Bid After Removing Tenure Limit

    CAR: President Touadera Announces Third Term Bid After Removing Tenure Limit

    Cameroon: Electoral Body Disqualifies President Biya’s Main Challenger

    Cameroon: Electoral Body Disqualifies President Biya’s Main Challenger

    Insecurity In West Africa No Longer France’s Concern — Minister

    Insecurity In West Africa No Longer France’s Concern — Minister

    Rwanda: Kagame Appoints Top Central Bank Official As New PM

    Rwanda: Kagame Appoints Top Central Bank Official As New PM

    Strained Relations: Ramaphosa, Trump To Meet This Week

    US: Lawmakers Vote To Favour Bill Seeking Sanctions Against SA Over Its Foreign Policy

    As Regional Tension Worsens, Eritrea Cautions Ethiopia Against Conflict

    As Regional Tension Worsens, Eritrea Cautions Ethiopia Against Conflict

    Algeria Is Neutral In Libya Conflict, Says President Tebboune

    Algeria Is Neutral In Libya Conflict, Says President Tebboune

    Burkina Faso: Military Govt Scraps Electoral Body, Says It’s Waste Of Funds

    Burkina Faso: Military Govt Scraps Electoral Body, Says It’s Waste Of Funds

  • Economy
    Russia Forges Closer Ties With Direct Flights To North Korea

    Russia Forges Closer Ties With Direct Flights To North Korea

    Nigerian Govt, BoI Earmark N50m Innovation Grant For STEMM Students

    Nigerian Govt, BoI Earmark N50m Innovation Grant For STEMM Students

    IMF To Visit Senegal In August, With Focus On Hidden Debts, New Disbursements

    IMF To Visit Senegal In August, With Focus On Hidden Debts, New Disbursements

    Kenya: President Ruto’s Convoy Kills British National

    Kenya: Rating Agency Says Cost Of Debt Servicing’ll Remain High Over Local Borrowing

    Zambia Seals $1.1bn Deal With Chinese Firm To Construct 60,000 BPD Refinery

    Zambia Seals $1.1bn Deal With Chinese Firm To Construct 60,000 BPD Refinery

    Gita Gopinath To Step Down From IMF, Return To Harvard Faculty In September

    Gita Gopinath To Step Down From IMF, Return To Harvard Faculty In September

    AfDB To Boost Sustainable Agriculture In Morocco With $116 Million Loan

    AfDB To Boost Sustainable Agriculture In Morocco With $116 Million Loan

    Ghana, Serbia To Sign Labour Mobility Agreement

    Ghana, Serbia To Sign Labour Mobility Agreement

    Ghana: President Mahama Stops Payment Of Fuel Allowance To Officials

    Ghana: President Mahama Stops Payment Of Fuel Allowance To Officials

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Afreximbank Launches Pan-African Payment Platform To Shrink Pound/Dollar Use

January 14, 2022
in Economy, Top Stories
0
Nigeria’s Foreign Reserve Witnesses Remarkable Growth In April

CBN Governor, Godwin Emefiele.

0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By Emmanuel Nduka

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has informed that the Pan-African Payment and Settlement System (PAPSS) will enhance cross-border transactions across Africa.

Relatedreading

2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

Speaking on Thursday in Accra, Ghana, at the launch of PAPSS, Emefiele noted that the platform which was launched by the Africa Export-Import Bank (Afreximbank), in collaboration with African Union (AU) and African Continental Free Trade Area (AfCFTA), will further reduce the use of other currencies like dollar, pound, euro, and others, in intra-African trade.

PAPSS is a cross-border financial market infrastructure enabling payment transactions across Africa, in order to ease trade challenges in a continent with over 40 currencies.

The CBN Governor aslo told attendees at the launch that the payment platform would benefit households, businesses, and financial institutions working around Africa’s growth.

Emefiele added that the launch of the platform is a milestone in efforts to build pan-African infrastructure that enhances payment gateway across West Africa.

“For example, businesses can be assured of an efficient and reliable payment gateway that supports the instant flow of funds and relatively the use of safe payment channels that usually comes at a high cost to households and businesses.

“Prior to the launch of PAPSS, settlements for intra Africa trade required a third currency and a non-African correspondent bank. This resulted in an estimated loss of close to $5 billion annually and undermined trade in Africa countries.

“The launch of PAPPS gives the fresh opportunity and aspiration for the African continent. It will simplify cross-border transactions, reduce third currencies for intra-African transactions and remove the need for correspondent Banks and ultimately amplify intra trade significantly,” he noted.

He further explained that as a percentage of total trade, intra-African trade is expected to increase to 35 per cent from 15 percent in five years with infrastructure provided by PAPSS as payments and settlements are resolved.

“With the growing pace of digitisation in financial services which has been accelerated from the onset of the COVID-19 pandemic, PAPSS can serve as a viable platform for supporting e-commerce in Africa,” he added.

Wamkele Mene, AfCFTA Secretary-General, in his remarks, expressed optimism about the launch of the pan-African payment and settlement system, saying it would enable Africa to reduce reliance on third currencies and boost intra-Africa trade.

 

Tags: AfreximbankCBNGodwin Emefieleheritage timesthe heritage timestht
ShareTweetSend
Previous Post

Nigeria: NLNG Moves To Supply Cooking Gas To Nigerian Markets To Crash Price

Next Post

Lebanon: Financial Crisis Cripples University Activities

Related Posts

2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

July 29, 2025
China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

July 28, 2025

JUST IN: Tinubu Showers National Honours On Nigeria’s Super Falcons, Gifts $100,000, Houses Each To Players

Africa Takes Spotlight As UNESCO Adds 26 Sites To Heritage List

Donald Trump Faults Netanyahu’s Claim Of No Starvation In War-Torn Gaza

Taliban: Hardline Islamist Regime Begs UN To Include Afghanistan In Climate Talks

Next Post
Lebanon: Financial Crisis Cripples University Activities

Lebanon: Financial Crisis Cripples University Activities

Please login to join discussion
AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

July 29, 2025
China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

July 28, 2025
JUST IN: Tinubu Showers National Honours On Nigeria’s Super Falcons, Gifts $100,000, Houses Each To Players

JUST IN: Tinubu Showers National Honours On Nigeria’s Super Falcons, Gifts $100,000, Houses Each To Players

July 28, 2025
Africa Takes Spotlight As UNESCO Adds 26 Sites To Heritage List

Africa Takes Spotlight As UNESCO Adds 26 Sites To Heritage List

July 28, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

2024 CHAN: Teams Trickle In As CAF Doles Out $3.5million For Winners

July 29, 2025

China Offers $500 Per Child To Boost Birth Rate Amid Declining Population

July 28, 2025

JUST IN: Tinubu Showers National Honours On Nigeria’s Super Falcons, Gifts $100,000, Houses Each To Players

July 28, 2025

Africa Takes Spotlight As UNESCO Adds 26 Sites To Heritage List

July 28, 2025

Donald Trump Faults Netanyahu’s Claim Of No Starvation In War-Torn Gaza

July 28, 2025

Taliban: Hardline Islamist Regime Begs UN To Include Afghanistan In Climate Talks

July 28, 2025

Mali: Former Prime Minister Choguel Maïga Faces Corruption Probe

July 28, 2025

US To Deny Visas For ‘Birth Tourism’ Applicants

July 28, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

From Hope To Fear: Kenya Joins East Africa’s Crackdown On Free Expression

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In