Algeria has become the 18th country of presence for The Pan-African Payment and Settlement System (PAPSS) launched by African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
- •Since its debut in West Africa in 2022, PAPSS has rapidly expanded its reach, with momentum in Northern Africa, with Tunisia, Egypt, Morocco, and now Algeria on board.
- •PAPSS connects 18 countries across four African regions, more than 150 commercial banks, and 14 switches.
- •So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users.
“Algeria’s entry not only strengthens our presence in North Africa but also demonstrates the continent’s rising confidence in our system as the engine for Africa’s payment transformation. 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 1000% through digital channels integration,” Mike Ogbalu III, Chief Executive Officer of PAPSS, said.
The Pan-African Payment and Settlement System (PAPSS), first announced by the Afreximbank and the African Union in 2019, is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders.
“This membership, which aims in particular to improve payment efficiency and facilitate intra-African trade, represents an essential lever for strengthening Algeria’s role within the African financial ecosystem and supporting sustainable economic development in Africa,” Mohamed Benbahane, Deputy Governor of Bank of Algeria, said.
In July, Afreximbank, PAPSS and Mercury Payment Services (MPS) launched PAPSSCARD as a joint venture.
