The unified African Payment and Settlement System (PAPSS) announced that Algeria has officially joined its network, in a move that is a strengthening of the country’s commitment to strengthening financial integration and economic cooperation at the level of the African continent.
The participation of the Bank of Algeria in this system is an important station towards achieving a wider financial integration, as this will contribute to simplifying the cross -border payments and settling commercial transactions inside Africa.
With Algeria joining, the PAPSS system now covers 18 countries distributed over four African regions, which represents a great achievement in the path of this system towards facilitating trade within the continent.
It is expected that this partnership will reduce the costs of transactions and reduce the treatment periods, which will enhance economic ties and increase the volume of trade exchange between Algeria and the rest of the African countries.
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