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3 clusters · 10 sources · 11 days · First seen · Last updated

Pan-African Payment and Settlement System expansion

Overview

The Pan-African Payment and Settlement System (PAPSS) has expanded its operations to more than 30 African countries across all five regions. The network connects 24 national and regional central banks, over 200 commercial banks and payment service providers, and 16 switches, covering more than 300 financial institutions.

Between 2025 and 2026, the system experienced a 1,000% increase in transaction volumes and a 120% increase in transaction values. Nigeria has been a major contributor to this growth, seeing an 1,100% increase in transaction volumes. CEO Mike Ogbalu III noted that the system provides significant efficiencies, including cost savings of 92% to 95% per transaction, a 99.99% reduction in processing time, and up to an 80% reduction in foreign exchange requirements.

Recent expansion efforts include the Bank of Central African States (BEAC) joining the platform in July 2026, which extended the network to 28 countries, and the Central Bank of Congo formalizing its membership in September 2026. The system is designed to facilitate cross-border transactions in local African currencies by bypassing third-party currencies and external correspondent banks. Having established its initial infrastructure, the organization plans to focus on network activation, deepening adoption through strategic partnerships with fintechs and banks, and scaling transaction growth starting in 2027.

Entities

Pan-African Payment and Settlement System · Mike Ogbalu III · Nigeria · African Continental Free Trade Area · Bank of Central African States

Claims

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

Coverage disagrees

Sources make claims that cannot both be true. CLSTR reports the disagreement; it does not decide who is right.

  • "The Pan-African Payment and Settlement System (PAPSS) operates in more than 30 African countries." regtechafrica.com

    vs

    "The Bank of Central African States joined PAPSS in July 2026, extending the network to 28 African countries." www.businessincameroon.com

    One claim states PAPSS operates in more than 30 countries, while the other states the network extends to 28 countries.

Timeline

  1. 3 days ago

    [BUSINESS] 3 sources
    Pan-African Payment and Settlement System expands across Africa

    The Pan-African Payment and Settlement System (PAPSS) is expanding across Africa, with the Central Bank of Congo joining the network to enable faster, cheaper cross-border payments in local currencies.

  2. 10 days ago

    [BUSINESS] 3 sources
    PAPSS expands African payment network to over 30 countries

    The Pan-African Payment and Settlement System (PAPSS) reports a 1,000% increase in transaction volumes as it expands to over 30 countries, aiming to scale adoption and efficiency across Africa by 2027.

  3. 14 days ago

    [BUSINESS] 4 sources
    PAPSS expands across Africa with 1,000% transaction growth

    The Pan-African Payment and Settlement System (PAPSS) has expanded to over 30 countries, seeing a 1,000% surge in transaction volumes and significant cost savings for cross-border trade.

Sources

businessincameroon.com · ecofinagency.com · glamtush.com · it-online.co.za · lejecos.com · plumeseconomiques.com · regtechafrica.com · techtrendske.co.ke · thecooperator.news · theglittersonline.com.ng

This summary has been updated 1 time: see revision history