The Central Bank of Liberia recently held a highly interactive and fruitful engagement at the Kpelleh Town Market in Pipeline, gathering Market Superintendents from 52 markets across Montserrado County.
The event focused on raising awareness about the Pan-African Payment and Settlement System (PAPSS), a transformative platform designed to simplify cross-border transactions and enhance economic activities across Africa.
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 sellerโs bank in any of the countries and then the seller will be paid in local currency.
The engagement fostered lively discussions, allowing market superintendents to ask questions and share their thoughts on how PAPSS could impact their daily transactions and the broader market operations. With the support and participation of the dedicated CBL team, the session helped deepen understanding of the benefits PAPSS brings, particularly for traders looking to streamline their business practices.
As the CBL continues its commitment to empowering local market leaders and enhancing economic opportunities, we extend our sincere thanks to all participants for their enthusiasm and to our hardworking team for ensuring the eventโs success. Together, weโre building a brighter future for Liberiaโs markets!