The Central Bank of Liberia in collaborating with the Pan-African Payment and Settlement System (PAPSS) has introduced a new system to promote cross-border trade to boost and accelerate trade and economic activities amongst countries on the African continent.
PAPSS is a financial market infrastructure for Africa's economic and financial integration. It is a centralized payment and settlement system for intra-African trade and commerce and is designed to effect payments in local currencies and use Central Banks as settlement agents.
The Central Bank of Liberia is the settlement agent of PAPSS in Liberia.
PAPSS makes it easy for a supplier of textiles in Monrovia to purchase goods in Ghana, Guinea, The Gambia, Sierra Leone, or Nigeria without foreign currency or bank transfer.
Cross-border traders can transfer the amount for the cost of the goods in their local currency to the seller’s bank in any of the countries and then the seller will be paid in local currency.