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    BREAKING NEWS
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    Payment policy to support Commerce amongst member African Nations in the African Continental Free Trade Area are underway by the Pan African Payment and Settlement System

    Posted On 21 Aug 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Photo Credit: Afreximbank

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Executive Vice President for Afreximbank – Denys Denya, divulged that, the pilot will be finalized by the end of 2021. Denya announced, the Pan African Payment and Settlement System formulated by the Afreximbank and the African Union is anticipated to eradicate questions of multiple currencies trading under the continental free trade
    area.

    Subsequently expressing the Ghana Roadshow for the forthcoming intra African Trade in Durban – South Africa, Executive Vice President of the Bank, meant that six nations are now conducting the platform and hopeful, they will infer that by the end of 2021.

    “The system is already in place and currently going through piloting in the West African Monetary Zone which consists of six countries including Ghana”.

    “I’m expecting that before the close of the year, it should be done, and then based on the positive result, the council will take it up from there” he asserted.

    The payment system is intended to at guaranteeing that setbacks, in currency deals amongst merchandisers do not hinder the prosperity of the Africa Continental Free Trade Area.

    The Secretariat for the Africa Continental Free Trade Agreement is supporting the strategy to assure that, all nations are latched on to it for the steady trading objectives on the landmass.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
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    10 Comments

    1. Andre August 21, 2021 at 3:00 am Reply

      Payment policy within our free trade area is extremely important. Bisho SOUTH AFRICA. Andre

      • New Africa Business News, Staff Correspondent August 21, 2021 at 3:12 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Aiko August 21, 2021 at 3:03 am Reply

      Thank you for the timely reports. Love it. Kyoto in Japan. Aiko

      • New Africa Business News, Staff Correspondent August 21, 2021 at 3:12 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Randy August 21, 2021 at 3:05 am Reply

      love the weekend newsletters. Thank you. Berlin Germany. Randy

      • New Africa Business News, Staff Correspondent August 21, 2021 at 3:12 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Dimo August 21, 2021 at 3:08 am Reply

      All forms of payments should be simply and easy to use. Maseru in Lesotho. Dimo

      • New Africa Business News, Staff Correspondent August 21, 2021 at 3:11 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. George August 21, 2021 at 3:10 am Reply

      Fan of your online newspaper. Thank you very much. Bristol England. George

      • New Africa Business News, Staff Correspondent August 21, 2021 at 3:11 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

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