Post by Nigerian Economic Summit Group (NESG)

🚨 New Blog: Implementation of the ECOWAS Payment and Settlements System, along with the Pan-African Payments and Settlement System (Part 1) by Prof Jonathan AREMU Efficient payment systems are a critical pillar of regional integration and trade facilitation in both the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA). While tariff reductions and trade liberalization create trade opportunities, effective payment systems ensure that transactions are completed quickly, securely, and at lower cost. Without efficient payment mechanisms, the benefits of regional trade agreements cannot be fully realized. The coexistence of the ECOWAS Payments and Settlement System (EPSS) and the Pan-African Payment and Settlement System (PAPSS) is essential for achieving both regional and continental economic integration. While EPSS deepens financial integration within West Africa, PAPSS extends those benefits across the African continent. Together, they reduce transaction costs, promote the use of African currencies, facilitate AfCFTA implementation, enhance investment attractiveness, and create a resilient payment infrastructure capable of supporting Africa's transformation into a single integrated market. Click to read more - https://lnkd.in/epqD5UdW