Cairo: The Central Bank of Egypt (CBE) has joined the Pan-African Payment and Settlement System (PAPSS) to enhance regional banking relations and economic collaboration with African countries. The move is intended to streamline cross-border payments and trade, ultimately reducing costs and processing times.

According to State Information Service Egypt, the PAPSS was created by the African Export-Import Bank (Afreximbank) to boost economic ties and enhance trade between Egypt and other African nations. Rami Aboulnaga, Deputy Governor of the CBE, emphasized that their participation in this initiative highlights Egypt’s commitment to strengthening global and African economic relations. He noted that the conclusion of this agreement was the result of ongoing collaboration between the CBE and African central banks.

The CBE’s participation in the PAPSS is expected to encourage banks operating in Egypt and African banks to join the system, thereby stimulating cross-border financial transactions. The PAPSS membersh
ip currently includes 14 central banks from countries such as Nigeria, Ghana, Liberia, and others, along with over 50 commercial banks.

The CBE will oversee the involvement of banks within Egypt in the PAPSS, aiming to enhance intra-African trade, strengthen economic ties with African nations, and promote financial integration.