PAPSS EXPANDS ACROSS AFRICA AS CROSS-BORDER PAYMENTS RISE

The Pan-African Payment and Settlement System is expanding its reach across the continent as demand for faster and easier cross-border payments continues to grow.

PAPSS currently connects 30 African countries, about 26 central banks and more than 200 financial institutions. The platform plans to increase its reach to about 38 countries by the end of 2026, with the long-term goal of connecting every African country within five years. 

PAPSS Chief Executive Officer, Mike Ogbalu, said the system is entering a new phase focused on increasing transaction volumes and encouraging wider use of its payment infrastructure.

He said transaction volumes on the platform have grown by more than 1,000 per cent year-on-year, driven partly by increased adoption among small businesses. Banks that have integrated PAPSS into their digital platforms have also recorded significant increases in transaction activity.

The system enables instant or near-instant payments between African countries using local currencies, reducing the need for third-party currencies and complex correspondent banking arrangements. 

Ogbalu said PAPSS would focus on expanding its use for remittances, merchant payments and cross-border trade while working with national payment systems across the continent.

The expansion is expected to support the African Continental Free Trade Area by making regional payments faster, simpler and more accessible.