Gradually deployed since 2022, the Pan-African Payment and Settlement System (PAPSS) simplifies commercial transactions across the continent, enabling instant payments in local currencies. Led by Afreximbank and supported by some fifteen central banks, this mechanism, officially launched on June 26, 2025, promises to transform intra-African trade, while strengthening the monetary autonomy of member countries. A key lever for making the African Continental Free Trade Area (AfCFTA) a reality.
Gathered in Abuja for the 32nd Afreximbank Annual Meetings, African leaders welcomed the official launch of the Pan-African Payment and Settlement System (PAPSS), a platform that promises to transform trade on the continent. By enabling instant transactions between local currencies, PAPSS eliminates the costs associated with foreign currency conversions while reducing processing times. A true tool for African financial sovereignty.
Today is a big moment for us Africans, as we officially launch one of our latest innovations, after more than a year of piloting. The African Currency Market, our newest engine, is here to revolutionize the way we translate on the continent. The PAPSS Instant Payment System is an instant payment system that allows for cross-border payments in local currencies. It is instantaneous and originates in one local currency and ends in the other local currency.
MIKE OGBALU, Chief Executive Officer of the Pan-African Payment Settlement System – Nigeria
Designed as a concrete solution to intra-African trade barriers, this mechanism, supported by 15 partner central banks, is fully aligned with the objectives of the African Union’s Agenda 2063. This agenda aims to strengthen regional integration and increase the continent’s monetary autonomy. During the 32nd Afreximbank Annual Meetings, a clear message was delivered: Africa can no longer afford to depend on external financial systems for its internal trade.
The PAPSS Instant Payment System is the first PAPSS product that the system launched in 2022. And I’m sure the first time you heard about PAPSS was because of this product, which allows you to make instant payments across borders. So, in a maximum of 120 seconds, you can move your payments from Algiers, Ghana, or Kenya to Zimbabwe.
GLORIA WITHNEY ATANGA NEZA, Associate for Business Development at PAPSS – Cameroon
But beyond the technical aspects, PAPSS embodies a vision: that of an interconnected continent, where financial barriers no longer hinder economic potential. By facilitating payments, it strengthens trade ties, stimulates regional economies, and lays the foundations for sustainable cooperation. For Afreximbank, which is leading the project, PAPSS is much more than a financial tool—it is a symbol of emancipation, economic solidarity, and the building of a united Africa.
