The Pan-African Payment and Settlement System (PAPSS) has officially announced the joining of the Kingdom of Morocco into its network, as Bank Al-Maghrib officially signed the PAPSS membership agreement.
According to the statement released on Monday by the African Export-Import Bank (Afreximbank), Morocco becomes the 17th country to join the PAPSS network, further strengthening the continent’s commitment to financial integration and intra-African trade under the African Continental Free Trade Area (AfCFTA).
Commenting on this significant milestone, Mike Ogbalu, chief executive officer of PAPSS said:
“We are delighted to welcome Bank Al-Maghrib to the PAPSS family. Morocco’s entry as our seventeenth central bank member demonstrates the growing momentum and trust in PAPSS as the solution for Africa’s cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent.”
He highlighted that the addition of Morocco as its 17th member, along with 150 commercial banks marks a significant stride in Africa’s quest for seamless intra-continental trade, as PAPSS continues to deepen its reach and impact across the continent.
Developed by Afreximbank in partnership with the African Union and the AfCFTA, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies.
It facilitates the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the continent.
By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent.
