Tunisian Financial Institutions Invited to Join PAPSS
For Tunisian financial institutions, including the National Post Office and banks participating in the ElyssaRTGS system, an opportunity has arisen to become direct participants in the "PAPSS" (Pan-African Payment and Settlement System). To do so, they must obtain a non-objection certificate from the Central Bank of Tunisia (BCT), a prerequisite for engaging with the PAPSS system manager, as revealed in a recent BCT note.
In February, the Central Bank of Tunisia joined the PAPSS, a financial market infrastructure launched in January 2022 by Afreximbank, dedicated to instant and secure settlement of cross-border commercial transactions in local and international currencies within the framework of the African Continental Free Trade Area (AfCFTA), of which Tunisia has been a member since July 2020.
The goal of joining this financial market infrastructure is to open up new commercial prospects for Tunisia, fostering a renewed economic dynamic with the continent and expanding opportunities within this high-potential commercial space.