A delegation of Afreximbank led by Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and Chairperson of PAPSS Management Board, attended the 35th Summit of the African Union (AU) Assembly of Heads of State and Government that took place from 5–6 February 2022 in Addis Ababa, Ethiopia. The Summit was chaired by H.E. Macky Sall, President of the Republic of Senegal and featured discussions and decisions on several important topics, including among others, Africa’s response to the COVID-19 pandemic, peace and security, health and nutrition, and economic recovery and integration.
On the Pan-African Payment and Settlement System (PAPSS), the Assembly commended the Government of the Republic of Ghana for successfully hosting the commercial launch of the Pan-African Payment and Settlement System (PAPSS) leading to the operational phase of PAPSS, piloting and execution of transactions in the West African Monetary Zone (WAMZ), and directed the AfCFTA Secretariat and Afreximbank in consultation with Member States and Governors of African Central Banks, to deploy the System to cover the entire continent and finalize the regulatory frameworks.
It is worth mentioning that at the PAPSS Commercial launch in Accra, H.E. Nana Addo Dankwa Akufo-Addo – President of the Republic of Ghana represented by H.E. Mahamudu Bawumia – Vice President of the Republic of Ghana invited all the Central banks on the continent to accelerate the onboarding process by connecting their National Switches to PAPSS.