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Pan-African Payment Settlement Systems (PAPSS) makes commercial debut

Reading Time: 3 minutes A pan-African payment platform was inaugurated on Thursday by the trio of the African Union, African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) secretariat. Known as the Pan-African Payment and Settlement System (PAPSS), it is a cross-border, financial market platform that enables payment transactions across Africa. It is hoped that it Read More…

Business Economy Top Story Trade

African nations begin trading under AfCFTA pact

Reading Time: 3 minutes Image Credits: PIUS UTOMI EKPEI/AFP/Getty Images, AWP Network. African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA). Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional Read More…

Business Economy Top Story Trade

African Continental Free Trade Area Agreement comes into effect

Reading Time: 2 minutes Image Credits: REUTERS, Quartz. The African Continental Free Trade Area (AfCFTA) agreement comes into effect on January 1, 2021, but Zambia is one of the 21 countries that have not yet deposited their instruments of ratification. Zambia’s Minister of Commerce, Trade and Industry, Christopher Yaluma, disclosed at a media briefing in Lusaka on Thursday that Read More…

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African customs officials approve draft guidelines to fast-track launch of continental free trade area

Reading Time: 2 minutes Customs officials from around Africa have supported the adoption of continental guidelines to facilitate the free flow of cross-border trade amid the COVID-19 pandemic, the UN Economic Commission for Africa said on Saturday. The decision was taken ahead of the start of trading under the African Continental Free Trade Area (AfCFTA) on 1 January, 2021. Read More…

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Ratification of AfCFTA shows Nigeria’s economic leadership – Trade Minister

Reading Time: 2 minutes Image Credits: ROBERT SULLIVAN/AFP/Getty Images, Pius Utomi Ekpei/AFP/Getty Images. Mr Adeniyi Adebayo, Minister of Industry, Trade and Investment, says the Federal Executive Council’s approval of ratification of African Continental Free Trade Area (AfCFTA) agreement demonstrates,  globally, Nigeria’s economic leadership position on the continent. FEC on Wednesday approved the ratification of the AfCFTA agreement which Nigeria Read More…

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AfCFTA: Access to finance, information challenge African businesswomen

Reading Time: 2 minutes Image Credits: AWP Network, Toyin Aiyegbo Photography/AWP Network. Advocates of women entrepreneurs have identified inadequate finance and information as topmost challenges among the leading Non-Tariff Barriers (NTBs) facing African businesswomen. The advocates stated this on Wednesday during a webinar on the Trade Easier Platform, a mechanism for reporting, monitoring and eliminating NTBs under the African Read More…

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AfCFTA, powerful tool for integration – ECA

Reading Time: 3 minutes Africa possesses a more powerful tool in the African Continental Free Trade Area (AfCFTA) for accelerating regional and economic integration, the UN Economic Commission for Africa (ECA) has said. The Executive Secretary of the United Nations body, Ms Vera Songwe, stated this on Tuesday in a virtual panel discussion to mark the inaugural Africa Integration Read More…

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LADOL boss says local production is key to servicing trade in AfCFTA

Reading Time: 2 minutes Dr Amy Jadesimi, Managing Director of Lagos Deep Offshore Logistics (LADOL) base, a logistics and engineering facility, says local production is key to servicing trade in the African Continental Free Trade Area (AfCFTA) agreement. Jadesimi said in Lagos on Friday that the trade should not just be about importing from wealthy countries and distributing them Read More…