Welcome to Africanews

Please select your experience

Watch Live

Business Africa


PAPSS: Revolutionising cross-border payments in Africa {Business Africa}

Afolake Oyinloye, Africanews , Business Africa   -  
Copyright © africanews
Afolake Oyinloye, Africanews , Business Africa

Business Africa

Afrieximbank and AfCFTA rollout Pan African Payment and Settlement System (PAPSS) to facilitate instant, cross border payments in local currencies.

With at least 40 countries out of 54 ratifying the Africa Free Trade Agreement, there is no doubt that African countries are eager to trade with each other. The Pan-African Payment and Settlement System is a timely intervention that promises to make the cross border payments seamless, cheaper and currency friendly. John Sebabi, the deputy Chief Executive Officer of PAPSS explained how exactly the Pan-African Payment and Settlement System will save the continent over 5 billion in cross border payments.

- Kenya’s Mushroom business -

Mushroom farming in Kenya is gaining momentum as more and more people seek the immunity-boosting ingredients of the delicacy. According to the National Farmers Information Service, the mushroom business in Kenya is valued at about USD 3 million. While the government and various non-profit organisations are now touting commercial production of oyster mushrooms as the key to unlocking farmers fortunes, the complexity of mushroom farming is a puzzle that must first be solved.

- All eyes and hopes on Niger’s Kandadji dam -

Construction of the Kandadji dam has been postponed twice, and yet the food security and energy hopes of the nation lie on this project, located some 180 km upstream from the capital Niamey. The dam is expected to generate 130 Mega Watts and cultivate 145,000 hectares of land along the river.