National Bank of Ethiopia Joins Pan-African Payment System

The National Bank of Ethiopia (NBE) has officially joined the Pan-African Payment and Settlement System (PAPSS). This platform was established to simplify and reduce the costs of cross-border financial transactions across the African continent. By utilizing this system, Ethiopia aims to facilitate trade using local currencies rather than relying heavily on foreign currencies. The initiative is part of broader efforts to boost economic integration among African nations. Reuters reported the development, marking a significant step for Ethiopia's banking sector.