DAR ES SALAAM, Oct. 19 -- TANZANIAN businesses trading across Africa are set to benefit from faster payments and easier access to regional markets following the launch of a system that enables cross-border transfers in local currencies.

The Pan-African Payment and Settlement System (PAPSS), introduced by UBA Tanzania, aims to simplify transactions, reduce payment delays and eliminate the lengthy chain of correspondent banks traditionally involved in cross-border transfers.

Speaking during the launch in Dar es Salaam, UBA Tanzania Head of Operations Ms Flavia Kiyanga said the system would make payments more efficient by allowing businesses to transfer money directly across participating African markets.

She said businesses could use the...