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The MOU will facilitate cross-border payments between the African continent and the Arab region.Interoperability among payment systems is critical for smooth cross-border payments and requires technical and business system compatibility for seamless transactaction across systems.
The Pan-African Payment and Settlement System (PAPSS )has signed a memorandum of understanding with BUNA, the cross-border and multi-currency payment system owned by the Arab Monetary Fund. The MOU will facilitate cross-border payments between the African continent and the Arab region.Interoperability among payment systems is critical for smooth cross-border payments and requires technical and business system compatibility for seamless transactaction across systems.
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PAPSS is operated by the African Export-Import Bank in collaboration with the African Continental Free Trade Area Secretariat. The partnership forms will facilitate interoperability between PAPSS and BUNA payment systems for making faster, secure and affordable transactions in local currencies. PAPSS has already established a wide network through significant partnerships with eight central banks, six switches and about 25 of the largest commercial banks across Africa.
