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Pan-African Payment And Settlement System
The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies. It was publicly launched on January 13, 2022 by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area (AfCFTA) with further future planned rollout in the Caribbean region by end of 2024. History of PAPSS PAPSS was first mentioned on the 7 July 2019 at the 12th Extraordinary Session of The African Union Assembly in Niamey, Niger to support the launch of the operational phase of AfCFTA. It started as a pilot project among the 6 countries in the West African Monetary Zone (WAMZ) before it became publicly available. In 2023 several nations of the Caribbean Community began to implement a pilot framework for using the Pan-African Payment and Settlement System to facilitate trade between the Caribbean and Africa. The move ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan-African
Pan-Africanism is a nationalist movement that aims to encourage and strengthen bonds of solidarity between all indigenous peoples and diasporas of African ancestry. Based on a common goal dating back to the Atlantic slave trade, the Trans-Saharan slave trade, the Indian Ocean slave trade, the Red Sea slave trade, slavery in the Cape Colony (now South Africa), along with slavery in Mauritius, the movement extends beyond continental Africans with a substantial support base among the African diaspora in the Americas and Europe. Pan-Africanism is said to have its origins in the struggles of the African people against enslavement and colonization and this struggle may be traced back to the first resistance on slave ships—rebellions and suicides—through the constant plantation and colonial uprisings and the "Back to Africa" movements of the 19th century. Based on the belief that unity is vital to economic, social, and political progress, it aims to unify and uplift people ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Zambia
The Bank of Zambia (BoZ), is the central bank of Zambia. Overview The principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country. The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration, during the Global Policy Forum, held in Riviera Maya, Mexico in 2011. Functions of Bank of Zambia # To ensure appropriate monetary policy formulation and implementation; # To provide banking services to Government, commercial banks and to act as Settlement Agent; # To license, regulate and supervise banks and financial service institutions; # To ensure a safe and sound financial system and; # To manage the banking, currency and payment systems operations of the Bank of Zambia. Administration Since its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Financial Regulatory Authorities By Country
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services. Financial intelligence units and policy banks are not listed, unless they also have a financial supervisory mandate. List of current authorities Authorities by sovereign states Others authorities by sovereign states and dependencies Extinct financial regulatory authorities Only those former authorities with a dedicated Wikipedia article are listed here. * Belgian Banking Commission (1935–2011) * (SBIF, 1925–2019), (SAFP, 1980–2008) and (SVS, 1980–2018) * China Banking Regulatory Commission (2003–2018), China Insurance Regulatory Commission (2003–2018), China Banking and Insurance Regulatory Commission (2018–2023), and Financial Stability and Development Committ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structured Financial Messaging System
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to SWIFT which is the international messaging system used for financial messaging globally. SFMS can be used for secure communication within the bank and between banks. The SFMS was launched on December 14, 2001 at IDRBT. It allows the definition of message structures, message formats, and authorization of the same for usage by the financial community. SFMS has a number of features and it is a modularised and web enabled software, with a flexible architecture facilitating centralised or distributed deployment. The access control is through Smart Card based user access and messages are secured by means of standard encryption and authentication services conforming to ISO standards. The intra-bank part of SFMS is used by banks to take full advantage of the secure messaging facility it provides. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mir (payment System)
Mir (, ; ) is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. Russian National Card Payment System, a wholly-owned subsidiary of the Central Bank of Russia. Mir does not itself issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they use to offer credit, debit, or other programs to their customers. The development and implementation of Mir was spurred by the imposition of international sanctions against Russia in 2014 to circumnavigate the reliance on the likes of Visa and Mastercard, which were blocked in Russia at the time. Mir created its own digital wallet for contactless payments. History Mir, as an idea, was born out of a series of joint initiatives between the Central Bank of Russia and the World Bank in the mid-2000s that aimed to create a framework of an autonomous payment processing s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fedwire
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009). Transfers can only be initiated by the sending bank once they receive the proper wiring instructions for the receiving bank. These instructions include: the receiving bank's routing number, account number, recipient's name and dollar amount being transferred. This information is submitted to the Federal Reserve via the Fedwire system. Once the instructions are received and processed, the Fed will debit the funds from the sending bank's reserve account and credit the receiving bank's account. Wire transfers sent via Fedwire are completed the same business day, with many being completed instantly. In conjunction with Clearing House Interbank Payments System (CHIPS), Fedwire is the primary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Financial System Code
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems. Format The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches. The format of the IFS Code is shown below. Lists of IFS Codes Bank-wise lists of IFS Codes are available with all the bank-branches participating in inter bank electronic funds transfer. A list of bank-branches participating in NEFT/RTGS and their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross-Border Inter-Bank Payments System
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers Clearing (finance), clearing and Settlement (finance), settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency. In 2022, CIPS processed around 96.7 trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system. In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion($17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion($67.028 billion). As of March 2025, CIPS has 170 Direct Participants and 1497 Indirect Participants. Among Indirect Participants, 1091 participants are from Asia (including 560 fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bank Of Rwanda
The National Bank of Rwanda (, ) is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is Soraya Munyana Hakuziyaremye. Location It is quartered at the National Bank of Rwanda Building, on KN6 Avenue in the central business district of Kigali, the capital and largest city in Rwanda. The coordinates of the bank's headquarters are 01°56'56.0"S, 30°03'49.0"E (Latitude:-1.948889; Longitude:30.063611). Overview The Bank is active in promoting financial inclusion policy and is a leading member of thAlliance for Financial Inclusion It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico. Governors Governors of the National Bank of Rwanda * Johan A. Brandon: 1964–1965 * Masaya Hattori: 1965–1971 * Jean Berchmans Birara: 1971–1985 * Augustin Ruzindana: 1985–1990 * Denis Ntirugirimbabazi: 199 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of Malawi
The Reserve Bank of Malawi is the central bank of Malawi established in the year 1964 located in Lilongwe. The current governor is Wilson Banda. The Bank is active in promoting financial inclusion policy and is a leading member of thAlliance for Financial Inclusion It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico. The Reserve Bank of Malawi is the only institution permitted to issue the Malawian kwacha, which replaced the Malawian pound in 1971. Governors * Alan G. Perrin, 1964-1968 * D. E. Thomson, 1968-1971 * John Tembo, 1971-1984 * Chakakala Chaziya, 1984-1986 * Stephen Chimwemwe Hara, 1986-1988 * Hans Joachim Lesshafft, 1988-1992 * Francis Perekamoya, 1992-1995 * Mathews Chikaonda, 1995-2000 * Elias Ngalande, 2000-2005 * Victor Mbewe, 2005-2009 * Perks Ligoya, 2009-2012 * Charles Chuka, 2012-2017 * Dalitso Kabambe, 2017-2020 * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of The Comoros
The Central Bank of the Comros (, ; BCC) is the central bank of the Comoros, a group of islands in the Indian Ocean. Operations The statutes of the BCC state that its board of directors shall have eight members who are chosen from the Comorian Government, the French Central Bank (Banque de France) and the French government. The post of Deputy Director of the Central Bank of the Comoros is held by a Banque de France official, who is responsible for monetary policy. Since 19 November 1999, all the central bank's official rates have been pegged to the Euro Overnight Index Average ( EONIA) leading to a stabilisation of interest rate differentials with the euro. The BCC applies a compulsory reserves system (30% of deposits) and a bank monitoring system. The headquarters are located in Moroni. Banking system The Comorian banking system is constituted of six different banks: the Central Bank (BCC); the Banque pour l'Industrie et le Commerce des Comores (BICC), the Banque de Dév ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Egypt
The Central Bank of Egypt (CBE; ) is the central bank and monetary authority of the Arab Republic of Egypt. Currency Since the trading of gold and silver coins in Egypt and until 1834, there was no one unit of currency to unify the country. In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began. In 1836, the Egyptian pound was first introduced and it became open for public use. The bank floated the Egyptian pound during the morning of the 13th of November 2016.Hossam Mounir (2 November 2017) �Flotation was boldest decision in history of Egyptian economic, banking sectors published by ''Daily News Egypt'' Retrieved 14 February 2020 [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
