Pan-African Payment and Settlement System expands across Africa

Pan-African Payment and Settlement System cross-border payments African central banks monetary integration PAPSS

The Pan-African Payment and Settlement System (PAPSS) is expanding its footprint across the continent as more central banks join the network to facilitate cross-border transactions in local African currencies.

In September 2026, the Central Bank of Congo formalized its membership in the system during the Association of African Central Banks meetings in Nairobi. This follows the Bank of Central African States (BEAC) joining the platform in July 2026, which extended the network to 28 African countries. The system is designed to reduce transaction costs and the need for multiple foreign-currency conversions by bypassing third-party currencies and external correspondent banks.

According to PAPSS CEO Mike Ogbalu III, the platform currently operates in over 30 African countries, connecting 24 central banks and more than 200 commercial banks and payment service providers. While the initial phase focused on building infrastructure and establishing trust, the organization plans to shift its strategy in 2027 toward driving broader adoption and scaling transaction volumes through strategic partnerships with fintechs and banks.

Entities

Association of African Central Banks · Bank of Central African States · Central Bank of Congo · Mike Ogbalu III · Pan-African Payment and Settlement System

Claims

What the coverage asserts, and how many sources carry each claim.

[DISPUTED] The Bank of Central African States joined PAPSS in July 2026, extending the network to 28 African countries. www.businessincameroon.com
[○ 1 SOURCE] The Central Bank of Congo joined the Pan-African Payment and Settlement System (PAPSS) in September 2026. www.ecofinagency.com
[○ 1 SOURCE] PAPSS will shift its focus toward network activation and driving transaction growth starting in 2027. regtechafrica.com
[DISPUTED] The Pan-African Payment and Settlement System (PAPSS) operates in more than 30 African countries. regtechafrica.com
[○ 1 SOURCE] The PAPSS infrastructure connects 24 national and regional central banks and over 200 commercial banks and payment service providers. regtechafrica.com
[● 2 SOURCES] The system allows for cross-border payments in African currencies to reduce reliance on third-party currencies and foreign correspondent banks. www.businessincameroon.com · www.ecofinagency.com

Sources

CEMAC Payment Reforms Gain Continental Context at Nairobi Central Bank Meetings [www.businessincameroon.com]

1 day ago

DR Congo Targets Cheaper Intra-African Payments With PAPSS Membership [www.ecofinagency.com]

3 days ago

Nigeria: PAPSS Targets Faster Adoption And Transaction Growth As African Network Expands [regtechafrica.com]

3 days ago