PAPSS to Connect All African Countries in Five Years

The Pan-African Payment and Settlement System (PAPSS) plans to expand its cross-border payment network across Africa, aiming to connect every African country within the next five years. Currently, PAPSS connects 30 countries and intends to increase this number to about 38 by the end of 2026, targeting approximately 80 percent continental coverage.

CEO Mike Ogbalu stated that discussions with South Africa, the major economy yet to join, have been positive. The expansion marks the second phase of PAPSS's strategic plan, which initially focused on establishing infrastructure and regulatory frameworks.

Ogbalu noted that transaction volumes have surged over 1,000 percent year-on-year, particularly among smaller businesses. The next phase will focus on enhancing the use of established infrastructure for remittances and merchant payments.

However, PAPSS faces challenges due to varying regulatory and infrastructure readiness among central banks across different countries.