Latest news with #financialintegration
Zawya
08-07-2025
- Business
- Zawya
East African Community (EAC) and Intergovernmental Authority on Development (IGAD) Unite to Break Barriers in Cross-Border Digital Payments
The East African Community (EAC) and the Intergovernmental Authority on Development (IGAD) have taken a significant step towards regional financial integration, with the convening of a five-day workshop on payment systems interoperability. The IGAD-EAC-World Bank Joint Workshop, convened from 30th June to 4th July, 2025 in Addis Ababa, Ethiopia, brought together Central Banks, digital finance experts, and senior policymakers from nine countries with a focus on advancing harmonised legal, regulatory, and supervisory frameworks that will enable faster, safer, and more inclusive cross-border payments across the Eastern Africa region The workshop was organised under the Eastern Africa Regional Digital Integration Project (EARDIP), a flagship initiative jointly implemented by IGAD and EAC, with support from the World Bank. The EARDIP's mission is to boost regional digital market integration by expanding broadband infrastructure and strengthening the environment for cross-border digital services, including digital payments, a critical enabler of trade, remittances, and financial inclusion. At the heart the Addis Ababa discussions was a shared regional challenge of fragmented and non-interoperable payment systems that undermine economic potential. While countries like Kenya, Tanzania, and Ethiopia have made strides in domestic interoperability, regional integration remains stifled by gaps in regulations, technical disparities, and cybersecurity concerns. Against this backdrop, the workshop provided a platform for technical learning, peer-to-peer exchange, and collective visioning. In his opening remarks, Dr. Mohyeldeen Eltohami, Director of Economic Cooperation and Regional Integration, IGAD, emphasised that the workshop was not merely a technical convening but a launchpad for transformation. 'The collaboration between EAC and IGAD exemplifies the spirit of regional solidarity and shared ambition that Africa needs to build the future it envisions, a future of seamless digital integration, inclusive prosperity, and economic transformation,' he said. The Director urged participants to seize the opportunity to build a harmonised regional framework and to let cooperation, not fragmentation, define the region's digital future. 'Digital transformation is no longer a choice but a necessity. Together, IGAD and EAC can build a digitally integrated Eastern Africa, where borders no longer limit opportunity, and where innovation drives inclusion, and prosperity is shared,' said Dr. Eltohami. Echoing these sentiments, Eng. Daniel Murenzi, Principal Information Technology Officer, EAC Secretariat stressed that digital payments are the backbone of a functioning digital market and that interoperability was no longer a luxury, but a necessity for regional prosperity. 'EAC and IGAD are implementing the EARDIP Project with the objective to advance digital regional integration by strengthening cross-border digital infrastructure, services, policies, and frameworks that promote economic growth, inclusion, and regional collaboration among EAC and IGAD Member/Partner States,' noted Eng. Murenzi. 'Payment systems are an enabler in this digital ecosystem for the region, with their interoperability a critical factor. We therefore need to review national payment processes, harmonise legal and regulatory instruments and facilitate interoperability of the regions payment system,' he noted. On his part, Mr. Gynedi Srinivas, Senior Financial Sector Specialist, Payment Systems Development Group, World Bank outlined the global relevance of the workshop, noting that its objectives align with the Group of Twenty (G20) roadmap for faster, cheaper, and safer cross-border payments. He applauded the region's readiness to harness the benefits of fast payment system (FPS) interoperability. 'The benefits of cross-border interoperability of fast payment systems will especially enable safer, faster and low-cost retail payments across borders helping end-users, individuals and Medium, Small and Micro Enterprises (MSMEs) to make and receive payments seamlessly,' he noted. Participants of the workshop engaged in discussions on three strategic areas: digital infrastructure, legal and regulatory frameworks, and regional payment integration. Recommendations from these sessions included the need to invest in shared digital infrastructure, adopt consumer-centric design for FPS, develop regulatory sandboxes to support innovation, and the need to harmonise legal instruments to unlock true cross-border operability. During the workshop, experts from some Member/Partner States Central/National Banks shared experiences and lessons from their national contexts, thereby providing practical blueprints for other countries aiming to leapfrog barriers and accelerate digital finance inclusion. Participants also explored emerging technologies, including AI, blockchain, and cross-border Central bank digital currencies, alongside discussions on cyber threats and the role of cybersecurity incident response teams (CIRSTs) in protecting payment ecosystems. The need for a unified cybersecurity legal framework and real-time threat intelligence sharing across borders emerged as a top priority. The workshop further recommended facilitating peer-to-peer attachments among central banks; anchoring FPS design in user needs; collectively addressing social engineering risks, particularly in mobile payments; and convening annual joint workshops on cross-border payments. The workshop brought together experts from nine IGAD-EAC Member/Partner States' National Payment System directorates or departments from the Bank of the Republic of Burundi, the Central Bank of Djibouti, the National Bank of Ethiopia, the Central Bank of Kenya, the National Bank of Rwanda, the Central Bank of Somalia, the Bank of South Sudan, the Bank of Tanzania and the Bank of Uganda. The Central Bank of the Democratic Republic of Congo was represented by the Ministry of Regional Integration of the Democratic Republic of Congo. Also in attendance were IGAD and EAC EARDIP Coordinators and key staff as well as World Bank Consultants and a representative from Banco d 'Italia (Bank of Italy). Distributed by APO Group on behalf of East African Community (EAC).
Finextra
07-07-2025
- Business
- Finextra
Morocco joins The Pan-African Payment and Settlement System
The Pan-African Payment and Settlement System (PAPSS) is pleased to announce the entry of the Kingdom of Morocco into its growing network, with Bank Al-Maghrib officially signing the PAPSS membership agreement. 0 As a result, Morocco becomes the 17th country to join the PAPSS network, further solidifying the continent's commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA). Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies. By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent. Mike Ogbalu III, Chief Executive Officer of PAPSS, lauded this latest milestone, stating: "We are delighted to welcome Bank Al-Maghrib to the PAPSS family. Morocco's entry as our seventeenth central bank member demonstrates the growing momentum and trust in PAPSS as the solution for Africa's cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent." With Morocco's addition, PAPSS now has seventeen countries among its membership, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa.
Zawya
07-07-2025
- Business
- Zawya
CORRECTION: Bank Al-Maghrib signs up to The Pan-African Payment and Settlement System (PAPSS), Establishing Morocco as its 17th Country of Presence
The Pan-African Payment and Settlement System (PAPSS) is pleased to announce the entry of the Kingdom of Morocco into its growing network, with Bank Al-Maghrib officially signing the PAPSS membership agreement. As a result, Morocco becomes the 17 th country of presence, further solidifying the continent's commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA). Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies. By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent. Mike Ogbalu III, Chief Executive Officer of PAPSS, lauded this latest milestone, stating: "We are delighted to welcome Bank Al-Maghrib to the PAPSS family. Morocco's entry as our seventeenth country of presence demonstrates the growing momentum and trust in PAPSS as the solution for Africa's cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent." With Morocco's addition, PAPSS is now present across seventeen countries, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa. Distributed by APO Group on behalf of Afreximbank. About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS collaborates with African central banks to offer payment and settlement solutions that commercial banks and licensed payment service providers (switches, fintechs, aggregators, etc.) across the continent can connect to, making these services accessible to the public. To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.
Zawya
07-07-2025
- Business
- Zawya
Bank Al-Maghrib signs up to The Pan-African Payment and Settlement System (PAPSS) as Morocco becomes 17th Member Country to join the network
The Pan-African Payment and Settlement System (PAPSS) is pleased to announce the entry of the Kingdom of Morocco into its growing network, with Bank Al-Maghrib officially signing the PAPSS membership agreement. As a result, Morocco becomes the 17 th country to join the PAPSS network, further solidifying the continent's commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA). Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies. By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent. Mike Ogbalu III, Chief Executive Officer of PAPSS, lauded this latest milestone, stating: "We are delighted to welcome Bank Al-Maghrib to the PAPSS family. Morocco's entry as our seventeenth central bank member demonstrates the growing momentum and trust in PAPSS as the solution for Africa's cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent." With Morocco's addition, PAPSS now has seventeen countries among its membership, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa. Distributed by APO Group on behalf of Afreximbank. About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS collaborates with African central banks to offer payment and settlement solutions that commercial banks and licensed payment service providers (switches, fintechs, aggregators, etc.) across the continent can connect to, making these services accessible to the public. To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. For more information, visit:
Zawya
24-06-2025
- Business
- Zawya
Ajman land regulation authority in deal with Ajman Bank
The Ajman Department of Land and Real Estate Regulation has signed a MoU with Ajman Bank, marking a new chapter of collaboration aimed at advancing financial integration and enhancing banking services through innovative and digital-first solutions. The agreement was signed by Engineer Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, and Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank. On the signing, Al Muhairi said: "This strategic partnership with Ajman Bank reflects our commitment to advancing the department's digital capabilities and streamlining financial performance." "Ajman Bank plays a vital role in supporting our ongoing efforts to build an agile, tech-enabled regulatory environment that responds effectively to the needs of real estate developers and investors," he stated. Through this collaboration, the department will gain access to comprehensive, periodic reports on escrow accounts, enabling greater oversight of real estate development performance. The partnership also paves the way for more seamless financial transactions across stakeholder groups, reducing procedural complexity and delivering future-ready services grounded in speed, privacy, and operational excellence. Al Khalfawi said: "At Ajman Bank, we believe in the power of institutional collaboration to elevate the quality of financial services. This agreement reflects our shared vision of trust, integration, and efficiency, and supports Ajman's positioning as a competitive and investment-friendly emirate." "This partnership serves as a model for effective synergy between regulatory bodies and the financial sector, setting the stage for a more stable, transparent, and investor-centric real estate ecosystem in Ajman," he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
