PAPSS accelerates push for continent-wide payment adoption

The Pan-African Payment and Settlement System (PAPSS) is intensifying its efforts to promote widespread payment adoption across the continent. With a network spanning over 30 African countries, PAPSS is shifting its focus from infrastructure development to activating the network, deepening adoption, and scaling transaction growth.

The system, launched by the African Export-Import Bank in collaboration with the African Union and the African Continental Free Trade Area Secretariat, connects 24 national and regional central banks, over 200 commercial banks, 16 payment switches, and more than 300 financial institutions.

During 2026, more than 10 additional countries joined the ecosystem, with further expansions anticipated before the year's end. Transaction volumes have surged by approximately 1,000% in 2026 compared to 2025, while transaction values have grown by roughly 120%. Nigeria has been a significant driver of this growth, witnessing a 1,100% increase in transaction volumes and a 125% rise in transaction values over the same period.

PAPSS enables participating institutions to send and settle cross-border payments in African currencies, eliminating the need for transactions to pass through correspondent banks outside the continent or be first converted into a third currency. The system has reportedly achieved cost savings of 92-95% per transaction, reduced processing time by 99.99%, and cut foreign-exchange requirements by up to 80%.

PAPSS aims to expand its reach to about 38 countries by the end of 2026 and ultimately connect all African countries within five years, although South Africa, the continent's largest non-participating economy, is still considering joining the network. The strategy will prioritize customer awareness, accessibility through existing banking and fintech channels, and the development of high-volume payment corridors to maximize transaction volumes.