Sharp Daily
No Result
View All Result
Saturday, June 28, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

The Central Bank of Kenya Opens Discussions to Join the Pan-African Payment and Settlement System (PAPSS)

David Musau by David Musau
June 30, 2023
in News
Reading Time: 2 mins read
PAPSS

The Pan-African Payment and Settlement System (PAPSS) is a centralized Financial Market Infrastructure that will enable an efficient and secure flow of money across African countries. The platform is set up to minimize risk and contribute to financial integration across the regions. PAPSS is an African Union payment system developed in collaboration with the African Export-Import Bank (Afreximbank).

Read more: Pan African Online payment company Cellulant Bags Prestigious Award

In line with this, the Central Bank of Kenya has formally opened discussions to join the Africa-wide cross-border payment system, which will mitigate the dollar shortage crisis facing Kenya and other African economies. During the monetary policy committee talks held on Tuesday, the president of the central bank of Kenya confirmed that talks are underway for Kenya to actualize the African Union-backed platform in Kenya. So far, five African multinational commercial banking groups, including KCB Group, Access Bank Group, Eco Bank Group, Standard Bank Group, and UBA Group, have already signed memoranda of understanding to join the platform. Kamau Thugge noted that the new payments platform comes when there is an urgent need to alleviate the foreign exchange currency shortage. He added that this move would help enhance trade as it would help Kenyan traders identify new opportunities in the African Continental Free Trade Area.

Read more: MFS Africa Joins The Pan-African Payment and Settlement System Network

RELATEDPOSTS

CBK lifts 10-year moratorium on new bank licenses

April 17, 2025

How the Kenyan government makes money by printing money

February 18, 2025

The Pan-African payment and settlement system will give Kenya the opportunity to pay for intra-African trade transactions using their local currency. Speaking before the African Private Sector Dialogue on the African Continental Free Trade Area in Nairobi, President Ruto highlighted that the African continent is struggling and traders are finding it hard to make payments from one country to another due to currency differences. The dominance of the dollar has increased the costs of these transactions, whereas PAPSS will ensure that transaction costs will be reduced as countries under the platform will not be required to convert their local currencies into dollars.

Read more: President William Ruto Appealed for Equality at The New Global Financial Pact Summit in Paris

Email your news TIPS to editor@thesharpdaily.com

Previous Post

The Growth of Blockchain Technology in Kenya

Next Post

Local Firms to Fill the Gap as De La Rue Exits Kenya

David Musau

David Musau

Related Posts

News

Private vs Public Pension Funds in Kenya

June 27, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025

LATEST STORIES

Private vs Public Pension Funds in Kenya

June 27, 2025

The mechanics of currency manipulation

June 27, 2025

Understanding how to access your pension savings in Kenya.

June 27, 2025

What happened to president Ruto’s economic dream?

June 27, 2025

Opinion: Populism feeds votes, not growth

June 27, 2025

Competitive advantages of small businesses

June 26, 2025

Opinion: Invest in sports for national prosperity

June 26, 2025

Ethiopia’s access to Eritrean ports is a game-changer for trade

June 26, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024