Ver Angola


Cross-border transactions may now be paid in national currency

Angola is interested in the new Pan-African Payment and Settlement System (PAPSS), which aims to simplify cross-border transactions, enabling economic operators to make payments in the national currency of each country, in directly without recourse to third parties.


In this sense, the country is analyzing the advantages of this new system.

"We became aware, we became aware of its facilities, but also to allow the competent sectors that are banks, Ministry of Finance, Ministry of Commerce and Industry, to study the system and see to what extent the system can also be valid for the Republic of Angola ", informed Téte António, Minister of Foreign Affairs, quoted by the Public Television of Angola (TPA).

The official also clarified that as there are more than 40 currencies in Africa, it is necessary to pay when transactions are carried out: "We have more than 40 currencies on the African continent, this means that we have to pay when we make transactions between the two countries, we have to go through other banks and there is also a lot of money in transactions".

In this way, the new system offers citizens the possibility to carry out transactions using kwanzas, without going through third parties, he added.

In turn, the secretary general of the Continental Free Trade Area, Wamkele Mene, also quoted by TPA, made it known that with this new system it will be possible to save money with cross-border transactions.

As an example, he said, if an economic operator wanted to trade between Angola and Kenya, using the old system, the merchant's payment had to "go through third parties", in a process that "costs almost five billion dollars in Africa".

Thus, the PAPSS "will reduce intermediary institutions and allow the Angolan merchant when making the payment, instead of that payment being converted into a third currency", the merchant in Kenya receives payment in the local currency, he added, quoted by TPA.

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