Algeria Joins PAPPS To Facilitate Financial Transactions In Africa

2025-08-02 03:04:41

(MENAFN- Kuwait News Agency (KUNA)) ALGIERS, Aug 2 (KUNA) -- The Pan-African Payment and Settlement System (PAPSS) declared on Saturday that Algeria joined the system and hailed the move as a contribution to the financial integration and economic cooperation across the African continent.
With Algeria's move, PAPSS network now groups 18 states, located in four African regions, the agency said, affirming that the step would be helpful for Algeria in facilitating cross border payments and settling commercial issues.
This partnership will also lower costs of transactions, cut their duration, contribute to cementing economic bonds and increase trade exchanges between Algeria and other African countries.
For it part, Algeria officially declared that its decision to join PAPPS was a step for beefing up its commitment to the financial integration and economic cooperation at the African level.
Bank of Algeria's (the central bank) joining in the system was a significant step forward toward expanding financial mergers, it has affirmed.
Algeria also affirmed that with the move, the cross-border payments and commercial transactions would be easy. (end)
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