[REVISION HISTORY]

Pan-African Payment and Settlement System expansion

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-14 10:58 UTC → 2026-09-22 18:45 UTC · added ~~removed~~

The Pan-African Payment and Settlement System (PAPSS) has expanded its operations to more than 30 African countries across all five regions. The network ~~currently~~ connects 24 national and regional central banks, over 200 commercial banks and payment service providers, and 16 switches, ~~with a footprint~~ 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,~~ adoption through strategic partnerships with fintechs and banks, and scaling transaction growth starting in 2027.

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