PAPSS TARGETS FULL AFRICAN COVERAGE

The Pan-African Payment and Settlement System plans to connect every African country to its cross-border payment network within the next five years as transaction volumes continue to rise.

PAPSS Chief Executive Officer, Mike Ogbalu, said the platform currently operates in 30 countries and aims to expand to about 38 countries by the end of 2026. The longer-term goal is to achieve full continental coverage.

South Africa remains the major economy yet to join the network, although discussions with the country are reportedly progressing.

Ogbalu said PAPSS was moving into a new phase focused less on building infrastructure and more on increasing usage among businesses, banks and other users.

The platform has recorded more than 1,000 per cent year-on-year growth in transaction volumes, with adoption particularly increasing among smaller businesses. Banks that have integrated PAPSS into their digital channels have also recorded significant increases in transaction activity.

PAPSS currently connects about 26 central banks and more than 200 financial institutions, providing infrastructure for cross-border payments in African currencies.

The platform is also developing application programming interfaces that can allow businesses and payment providers to connect more easily to its network.

Ogbalu said wider adoption would support remittances, merchant payments and intra-African trade while helping advance the objectives of the African Continental Free Trade Area.

However, differences in regulations and payment infrastructure across countries remain challenges that PAPSS will need to address as it expands.