The Pan-African Payment and Settlement System (PAPSS) has officially welcomed the Bank of Algeria as its 18th member country, marking a major leap forward in Africa’s drive for stronger financial integration.
According to the African Export-Import Bank (Afreximbank), the partnership is expected to boost cross-border payments and strengthen the regulatory framework for intra-African trade.
Highlighting PAPSS’s achievements since launch, Mike Ogbalu, chief executive officer of PAPSS, said:
“So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 100% through digital channels integration. As our network grows, we are making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.”
Mohammed Benbahane, deputy governor of the Bank of Algeria, said the central bank joined PAPSS to improve payment efficiency and facilitate intra-African trade. He noted that the move will strengthen Algeria’s role in the continent’s financial ecosystem and support sustainable development in Africa.
PAPSS, launched by Afreximbank in collaboration with the African Union Commission (AUC), is a centralised platform that enables secure and seamless money transfers across African countries, reducing risks and enhancing financial integration across Africa.
It works with African central banks to provide payment systems that commercial banks and licensed payment providers can connect to, enabling people across the continent to access these services.
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