Browsing: BUNA

For that purpose, PAPSS has entered into a Memorandum of Understanding (MoU) with Buna, the Arab Monetary Fund’s cross-border payment system. Its objective is to make it feasible for central banks in the Arab world and financial institutions elsewhere to send and receive payments in local and international currencies.

“Buna offers potential for financial integration and economic integration in the Arab area and strengthens investment relations with global trading partners.”

According to officials who announced the arrangement on Tuesday, the latest partnership lays the groundwork for PAPSS and BUNA  to develop an Africa-Arab payment gateway.