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The long awaited Pan-African Payments and Settlement System (PAPSS) was launched Thursday, January 13, in Accra, Ghana, in a virtual event under the theme: “Connecting Payments, Accelerating Africa’s trade.”

The new system allows a buyer in one African country to make a payment in his or her national currency and the seller in another country receives payment in their local currency.

Its commercial launch came after a successful pilot in the West African Monetary Zone (WAMZ) region. The WAMZ is a West-African economic and integration body with six countries – Gambia, Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

According to Prudence Sebahizi, the Chief Technical Advisor at the AfCFTA Secretariat, the new system will allow a customer or a buyer to make payment in a national currency and the seller will receive the payment their own currency.

Read the original article on New Times.