Africa Business Radio

The long-awaited Pan-African Payments and Settlement System was launched in Accra, Ghana, in a virtual event. The new system allows a buyer in one African country to make payment in his or her national currency and the seller in another country receives payment in their local currency. The Chief Technical Advisor at the AfCFTA Secretariat, Prudence Sebahizi, says the new system will allow a customer or a buyer to make payment in a national currency and the seller will receive the payment in their own currency. He noted that this is way easier and less costly than changing the Kenyan shilling to the US dollar and then converting the US dollar to the Ghanaian cedi, as has been the case.