Putin Floats Russian Bank Cooperation With Africa’s PAPSS Network

Russian President Vladimir Putin proposed closer cooperation between Russian banks and the Pan-African Payment and Settlement System (PAPSS), bringing a cross-border payments network into discussions at the Russia-Africa summit in Moscow. Putin raised the proposal Oct. 28 during a meeting with African regional organizations. PAPSS supports payments between African markets in local currencies. It was developed with Afreximbank and the African Continental Free Trade Area Secretariat, with African Union backing. Putin did not name any Russian banks that might take part. He also announced no agreement or implementation date, leaving the proposal without a named participant or timetable.

Source: TokenPost