MONROVIA, LIBERIA-The Central Bank of Liberia (CBL) has introduced the Pan-African Payment and Settlement Platform (PAPSS), to ensure effective and efficient border trade transactions.
The platform is the first of its kind in the monetary market of Liberia.
The CBL Deputy Director for Payment Systems, Marcus Davis, told the ELBC “Money Matter” Program on Wednesday, June 26, 2024, that the platform is currently used in the region for business transactions.
Mr. Davis disclosed that PAPSS is highly sophisticated with security features and is currently being supervised by the CBL to foster transparency and accountability among customers.
Meanwhile, the Central Bank Deputy Director for Payment Systems disclosed that the Bank will ensure the platform is used in other countries that have active trade links with Liberia.
By: Emmanuel Bondo