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PAPSS (the Pan-African Payment and Settlement System) is entering the next phase of its strategy, aiming to speed up adoption and transaction growth across the continent, following strong expansion of its network and payment volumes.
At a media briefing in Lagos, Nigeria, on 16 September 2026, Mike Ogbalu III, Chief Executive Officer of PAPSS, said its platform now operates in more than 30 African countries across all five regions of the continent.
It connects 24 national and regional central banks, more than 200 commercial banks and payment service providers, and 16 switches. Through partnerships, it also reaches over 300 financial institutions.
Around 10 additional countries have joined PAPSS in 2026 alone, with more expansion expected before the end of the year.
Mr Ogbalu said, “The first phase of PAPSS has been about building, connecting and establishing trust. We have built the infrastructure, expanded our network across Africa and demonstrated that PAPSS can deliver tangible benefits. As we move into our next phase from 2027, our focus will increasingly shift towards activating that network, deepening adoption and taking transaction growth to scale.”
PAPSS was first announced by Afreximbank and the African Union at the Twelfth Extraordinary Summit of the African Union on 7 July 2019 in Niamey, Niger, as a key instrument for implementing the African Continental Free Trade Agreement (AfCFTA). It officially launched in Accra, Ghana, on 13 January 2022.
The African Export-Import Bank (Afreximbank) promotes trade within Africa and beyond. For over 30 years, it has developed financing solutions to enhance Africa’s trade and support economic growth.
The Pan-African Payment and Settlement System (PAPSS) is a centralised platform that helps money move easily and securely between African countries. It reduces risks and supports financial integration across the continent.
PAPSS works with African central banks to provide payment solutions that commercial banks and licensed payment services, like fintechs and aggregators, can access, making these services available to everyone.
To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD.
Usage has increased significantly. From 2025 to 2026, transaction volumes surged by around 1,000%, while transaction values grew by about 120%.
Nigeria played a key role in this growth, with transaction volumes increasing by approximately 1,100% and transaction values by 125%.
PAPSS reported that its transactions have decreased costs by 92–95%, shortened processing times by 99.99%, and reduced foreign exchange needs by up to 80%.
PAPSS is entering a new phase, focusing on improving market engagement, increasing customer awareness, prioritising key payment routes, and expanding its services through partner financial institutions.
“The growth we are seeing demonstrates that the infrastructure is working and that demand is increasing as more institutions and markets participate. The next opportunity is to make these benefits available at much greater scale by working more closely with banks, fintechs, switches and other partners to bring PAPSS into the channels businesses and individuals use every day,” Ogbalu added.
The upcoming developments will be discussed at the PAPSS COWRY 2026 conference on November 26–27 in Addis Ababa, Ethiopia, co-hosted with the National Bank of Ethiopia.
“We have built the network, we have demonstrated the impact, and we are seeing usage accelerate. Our next phase is about taking all three to scale and ensuring that payments increasingly enable, rather than limit, the ability of African businesses and individuals to participate in opportunities across the continent,” he concluded.
The announcement comes a couple of months after the Bank of Central African States (BEAC) officially joined PAPSS to strengthen Africa’s cross-border payment infrastructure.
As one of only two regional central banks on the continent, BEAC serves the six member countries of the Central African Economic and Monetary Community (CEMAC): Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad.
