The Banque Centrale de Tunisie, also known as the Central Bank of Tunisia, has recently announced its membership in the Pan-African Payment and Settlement System (PAPSS). This significant development highlights Tunisia’s commitment to fostering financial integration and enhancing cross-border payment processing across the African continent.
The Pan-African Payment and Settlement System (PAPSS) was established by the African Union to facilitate and harmonize cross-border payments, boost intra-African trade, and promote economic growth across the continent. By joining PAPSS, the Banque Centrale de Tunisie aims to contribute actively to the integration efforts and strengthen its position as a leading financial institution in Africa.
“The membership of Banque Centrale de Tunisie in PAPSS underscores our dedication to promoting financial inclusivity, efficient payment systems, and regional economic cooperation. We are excited to collaborate with other African central banks to accelerate economic growth and development,” said Mr. Ahmed El-Khakani, Governor of the Banque Centrale de Tunisie.
Through PAPSS, the Banque Centrale de Tunisie will enjoy a streamlined and secure platform for interconnecting with other central banks and payment system operators in Africa. This will facilitate seamless cross-border transactions, reduce processing delays, and lower transaction costs for businesses and individuals engaging in international trade.
PAPSS leverages advanced financial technology infrastructure to enable real-time gross settlement of transactions, foster interbank collaboration, and enhance liquidity management. Its advanced features, including a single currency conversion rulebook and standardized messaging formats, will contribute to the overall modernization and harmonization of financial systems across the African continent.
The membership of Banque Centrale de Tunisie in PAPSS will pave the way for enhanced financial connectivity between Tunisia and other African countries. This will not only facilitate increased trade and investment but also promote financial inclusivity, ultimately benefiting businesses, consumers, and the overall economic development of Tunisia and Africa as a whole.
By joining PAPSS, the Banque Centrale de Tunisie reaffirms its commitment to embracing technological advancements and driving financial innovation to meet the evolving needs of its customers. It also demonstrates Tunisia’s dedication to strengthening regional cooperation and partnerships to foster sustainable economic growth and stability in Africa.
With the addition of Banque Centrale de Tunisie, the Pan-African Payment and Settlement System (PAPSS) further expands its reach and impact, solidifying its position as a transformative force in promoting financial integration and economic prosperity throughout the African continent.