News
Report Shows 50% of African Business Leaders Unaware Of PAPSS
About 50 percent of businesses in Africa are unaware of the Pan African Payment and Settlement System (PAPSS), according to “The Future of Trade” report.
Though the report said PAPSS holds immense potential to transform intra-African trade by streamlining payments, it noted that reducing costs, and boosting efficiency, achieving widespread adoption across the continent requires overcoming several challenges.
“A significant hurdle lies in the diverse regulatory landscapes, financial infrastructures, and oversight systems across African nations. Central banks need to find ways to reconcile these differences to ensure PAPSS functions smoothly,” the report said.
The report also pointed out that establishing a system for settling transactions and determining exchange rates for currencies with fluctuating values presents another challenge.
This, it added will be crucial for smooth cross border transactions. The report stated that comprehensive campaigns to educate businesses about PAPSS and its advantages could significantly accelerate adoption.
“Africa’s business leaders aware of PAPSS are strongly positive about its ability to boost intra-African trade,” the report stated. It also stated that a resounding 98 per cent of business leaders acknowledge PAPSS’ potential to positively impact intra-African trade.
The survey also revealed that 98% of business leaders across Africa believe their central banks should expedite participation in the PAPSS network. This strong support highlights the business community’s confidence in PAPSS and their desire to see it implemented widely.
The report further stated that PAPSS offers a promising solution for simplifying and enhancing intra-African trade, adding that by addressing the challenges of regulatory differences, volatile exchange rates, and low business awareness, the payment system can unlock the full potential of this innovative payment system.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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