The Pan-African Payment and Settlement System PAPSS, an Afreximbank-led initiative aimed at simplifying cross-border transactions within Africa, has expanded its reach to 16 countries, with 15 financial institutions and 14 national switches now connected.
This milestone marks significant progress in the effort to boost intra-African trade by reducing reliance on foreign currencies, lowering transaction costs, and accelerating payment processes.
The system, which leverages digital innovation and real-time settlement capabilities, is seen as a cornerstone of the African Continental Free Trade Area AfCFTA and a major step toward economic integration across the continent.
Speaking on the journey so far for PAPSS, during a panel session on the theme: 'Technological Advancements Artificial Intelligence - Pathways to Africa's Socio-Economic Development,' at the ongoing Afreximbank Annual Meetings in Abuja, Nigeria, Mr. Mike Ogbalu, CEO, PAPSS, who was among the panelists, revealed that, "PAPSS has expanded to 16 countries, with 15 financial institutions and 14 switches connected across Africa-and we're growing rapidly. We're beginning to see meaningful scaling and adoption of PAPSS capabilities across digital channels, which is accelerating our impact."
He pointed out that AI was also helping transform businesses on the continent.