Cibn papss sign mou to resolve payments related barriers in continental trade

It seems like you're referring to a recent development in the African trade landscape. Here's a breakdown of the news:

CIBN, PAPSS, and the signing of the MoU

• CIBN stands for Chartered Institute of Bankers of Nigeria, a professional body for bankers in Nigeria.
• PAPSS is the Payment Association of Public Sector Suppliers, a platform that facilitates payments between public sector suppliers and buyers in Africa.
• The MoU (Memorandum of Understanding) is a collaborative agreement signed between CIBN and PAPSS to resolve payment-related barriers in continental trade.

Key objectives of the MoU

The MoU aims to address the challenges faced by African businesses in making and receiving payments across borders. The objectives include:

1. Simplifying payment processes: The agreement seeks to streamline payment processes, reducing the complexity and costs associated with international transactions.
2. Enhancing payment security: The MoU aims to improve the security of payment transactions, reducing the risk of fraud and errors.
3. Increasing trade facilitation: By resolving payment-related barriers, the agreement aims to increase trade facilitation and promote economic growth in Africa.

Benefits for African businesses

The MoU is expected to benefit African businesses in several ways:

1. Improved cash flow: By simplifying payment processes, businesses can expect improved cash flow and reduced delays in receiving payments.
2. Increased trade: The agreement can lead to increased trade between African countries, promoting economic growth and development.
3. Enhanced competitiveness: By reducing payment-related barriers, African businesses can become more competitive in the global market.

Overall, the MoU between CIBN and PAPSS is a significant step towards promoting continental trade and economic integration in Africa.