During the launch of the Pan-African Payment and Settlement System (Papss), the pan-African payment and settlement system in Accra on January 13, the managing director of Smart Africa, Lacina Koné, announced that his institution and Afreximbank have recently signed a Memorandum of Understanding to support and advocate for the development of pro-Papss policies and regulations across the continent.
During a moderated panel with the Governor of the Central Bank of Ghana, Dr Ernest Addison, the Governor of the Bank of Zambia, Dr Denny Kalyalya and the Managing Director of the West African Monetary Institute ( IMAO), Dr. Olorunsola Olowofeso, Lacina Koné (2nd from left) affirmed that access to technology is essential for the development of the economies of African countries and the increase in GDP. Especially since a mere 10% increase in Internet penetration translates to a 1.38% increase in GDP in developing countries, according to the World Bank.
Based in Rwanda, Smart africa aims to “accelerate sustainable socio-economic development on the continent and bring Africa into the knowledge economy through affordable access to broadband and the use of ICTs. With a vision to create a single digital market in Africa by 2030”. It is an alliance of 32 African countries, international organizations and global private sector actors responsible for Africa’s digital agenda.
Thus, the collaboration between Smart Africa and Papss will be able to boost intra-African trade and increase the combined GDP of more than 3,000 billion dollars which will be generated within the framework of the African Continental Free Trade Area (Zlecaf).