Dangote calls for cooperation as Afreximbank launches PAPSS
President of Dangote Group, Aliko Dangote, has charged African leaders and citizens to be united in the promotion of the continent’s intrinsic greatness through improved trade relations amongst African countries.
Dangote gave the charge in Accra, Ghana at the formal launch of the Pan-African Payment & Settlement System (PAPSS), which is a centralised payment and settlement infrastructure platform for intra-African trade and commerce payments.
Dangote, who was represented by the Group Managing Director of Dangote Industries Limited (DIL), Olakunle Alake, urged Africans to close ranks, in a bid to propel the continent towards charting her own course and being the master of her destiny, to maintain her rightful position on the globe.
He lauded the African Union, under the auspices of the Afreximbank, for the launch of the PAPSS, which he noted was aimed at facilitating payments across the continent.
Dangote asserted that improved trade relations would greatly enhance the speed of recovery across Africa, noting that it had the potential to boost the level of economic activities through intra-Africa trade. He also remarked that the advent of PAPSS would greatly address challenges such as highcost, lengthy correspondent banking relationships, delays, among many others, and therefore ease transactions among businesses across Africa.
He equally expressed optimism that PAPSS would enhance the volume of trade among countries, which were hitherto not recorded or were overlooked because of the informal approach towards these transactions.