# Pan-African Payment and Settlement System expansion

> Live situation record from CLSTR: https://clstr.news/situations/pan-african-payment-and-settlement-system-expansion
> Updated: 2026-09-21T09:34:09.000Z. Sources: 10. Developments: 3.

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.

## Claims

- The Pan-African Payment and Settlement System (PAPSS) operates in more than 30 African countries. (disputed)
- The Bank of Central African States joined PAPSS in July 2026, extending the network to 28 African countries. (disputed)
- The system allows for cross-border payments in African currencies to reduce reliance on third-party currencies and foreign correspondent banks. (corroborated by 2 sources)
- PAPSS will shift its focus toward network activation and driving transaction growth starting in 2027. (single source)
- The PAPSS infrastructure connects 24 national and regional central banks and over 200 commercial banks and payment service providers. (single source)
- The Central Bank of Congo joined the Pan-African Payment and Settlement System (PAPSS) in September 2026. (single source)

## Timeline

### 2026-09-21: 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.

3 sources. https://clstr.news/cluster/pan-african-payment-and-settlement-system-expands-across-africa

### 2026-09-14: 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 sources. https://clstr.news/cluster/papss-expands-african-payment-network-to-over-30-countries

### 2026-09-10: 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.

4 sources. https://clstr.news/cluster/fidelity-bank-utilizes-papss-to-facilitate-african-cross-border-trade

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Cite as: Pan-African Payment and Settlement System expansion. CLSTR, https://clstr.news/situations/pan-african-payment-and-settlement-system-expansion