Authoritative reports have it that Afreximbank, in partnership with the African Union and the African Continental Free Trade Area (AfCFTA)African Continental Free Trade Area (AfCFTA) wants to reduce the cost of pan-African transactions by $5bn per year. The project is said to be both revolutionary and difficult.
According to the report, in mid-October, the Central Bank of Djibouti joined its six West African Monetary Zone (WAMZ) counterparts on the platform: Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.
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The report explained further that, a few weeks earlier, the first daily transactions had kicked off on the Pan African Payment and Settlement System (PAPSS) set up between Lagos and Accra. First Bank of Nigeria, Stanbic IBTC and GCB Bank of Ghana are among the participating banks who are committed to making this ptoject work.
