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African Securities Exchanges Association and Pan-African Payment Settlement System sign MoU to enhance cross-border trading

2 years ago
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African Securities Exchanges Association and Pan-African Payment Settlement System sign MoU to enhance cross-border trading

The African Securities Exchanges Association (ASEA) and the Pan-African  Payments and Settlement System (PAPSS) have signed a Memorandum of Understanding (MoU) to  collaborate on ways to enhance the payments process for cross-border securities transactions in Africa. The  MoU was signed during ASEA’s 73rd Executive Committee Meeting on April 14, 2023, in conjunction with  the 11th Building Africa Financial Markets (BAFM) Seminar hosted by the Zimbabwe Stock Exchange  (ZSE). 

The partnership between ASEA and PAPSS aims to improve the cross-border payments system in Africa  and promote the development of the continent’s financial markets. This MoU is particularly timely given  the recent launch of ASEA’s African Exchanges Linkage Project (AELP) in December 2022, which aims to  facilitate cross-border trading. With support from the African Development Bank (AfDB), ASEA has made  significant progress in integrating member exchanges across the continent through the AELP, covering  seven exchanges and 14 countries in its first phase, with plans to expand to 15 exchanges across 22  countries. 

Commenting on the MoU, the President of ASEA, Mr. Thapelo Tsheole, said: “The signing of the MoU  between ASEA and PAPSS marks a significant step towards enhancing the efficiency and liquidity of  African securities exchanges. We look forward to working closely with PAPSS to identify potential ways  of easing payments and settlements as we seek to facilitate cross-border trading of securities among member  Exchanges. In the coming weeks, we will hold consultative meetings to establish an implementation plan  for this collaboration. ” 

PAPSS is a Financial Market Infrastructure supported by the AfCFTA Secretariat, the African Union  Commission and African Export-Import Bank (Afreximbank). The platform aims to enhance trade and  economic integration across Africa by providing a secure, reliable, and efficient means of settling cross border transactions. 

Mr. Mike Ogbalu III, CEO of PAPSS said: “The MoU marks a significant achievement for both ASEA and  PAPSS, demonstrating a shared commitment to enhancing Africa’s financial markets and driving the  continent’s economic growth. We look forward to a swift implementation of the MoU as we hold regular  consultative meetings.”

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