The Pan-African Payment and Settlement System (PAPSS) has reached a major milestone after the Bank of Central African States (BEAC) officially joined its payment network, extending coverage to 28 African countries.
Unlike a typical central bank membership, BEAC represents six Central African nations, Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea, and Chad, bringing over 72 million people into Africa’s growing cross-border payment ecosystem.
The expansion strengthens PAPSS’s mission of enabling businesses and financial institutions to send and receive payments across Africa in local currencies without relying on intermediary currencies such as the US dollar.
Currently, the network connects more than 190 commercial banks, fintech companies and 16 payment switches, while its extended infrastructure provides access to over 250 additional financial institutions across the continent.
The addition of BEAC is expected to significantly reduce the cost and time associated with cross-border transactions within Africa. Instead of routing payments through correspondent banks in Europe or the United States, a process that often takes days and attracts high transaction costs, payments can now settle within seconds through the PAPSS network.
BEAC Governor and Chairman of the Association of African Central Banks, Yvon Sana Bangui, described the development as a major step toward faster, more affordable and efficient cross-border payments across the Central African Economic and Monetary Community (CEMAC).
PAPSS CEO Mike Ogbalu III added that the partnership will unlock new trade and payment corridors between Central Africa and the rest of the continent.
The development comes as PAPSS continues to support the implementation of the African Continental Free Trade Area (AfCFTA), which seeks to increase intra-African trade by reducing barriers to commerce.
With the Central Bank of West African States (BCEAO) also expected to join the network later this year, PAPSS is steadily positioning itself as the financial infrastructure powering Africa’s integrated digital economy.
