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New Africa Payment System to Save $5 Billion in Fees, Lift Trade

  • Pan-African system to facilitate real-time transfers of funds
  • System may boost shipments in world’s biggest free-trade zone

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Africa’s new cross-border payment system is expected to save the continent billions of dollars in annual transaction costs and bolster shipments in the world’s largest free-trade zone, according to Mahamudu Bawumia, the vice president of Ghana.