Afreximbank PAPSS Expects China and India Links by Early 2027
PAPSS chief executive Mike Ogbalu III expects links to payment systems in China, India and Brazil by early 2027. No agreement has been announced. The post Afreximbank PAPSS Expects China and India Links by Early 2027 appeared first on The Rio Times .
Mike Ogbalu III, chief executive of the Pan-African Payment and Settlement System (PAPSS), has stated at a briefing in Lagos on 7 September 2026 that he expects the system to link to networks in China, India, and Brazil by early 2027. However, no agreement has been announced and no counterparty has been named. PAPSS, launched by Afreximbank and the African Union in January 2022, enables African buyers and sellers to transact in their own currencies, avoiding the need to convert through the dollar or euro.
This system aims to reduce costs and fees associated with cross-border payments, which can be significant for small importers. With China being Africa's largest single trading partner and India among the top three, as well as Brazil being a major agricultural supplier, connecting to these external systems could provide significant benefits.
Nevertheless, the process of connecting to external systems is complex due to regulatory approval, sanctions compliance, and capital controls. The ambitious timeline of early 2027 is thus subject to several uncertainties and potential challenges.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
