A trained engineer, financial strategist and infrastructure builder, Mike Ogbalu III is the face of PAPSS, the Pan-African Payment and Settlement System. Thanks to him, 17 African countries are already interconnected by a single platform that enables instant cross-border payments in local currencies. Its ambition? Break dependence on the dollar, promote intra-African trade and lay the foundations for African monetary sovereignty. A discreet but vital project.
Under the leadership of Mike Ogbalu III, the Pan-African Payment and Settlement System (PAPSS) is emerging as a strategic lever for the continent’s economic transformation. Launched in 2022 by Afreximbank in partnership with the African Union and the AfCFTA Secretariat, this innovative mechanism enables instant cross-border payments in local currencies, thereby reducing Africa’s dependence on the dollar and the euro. Operational in 17 countries, PAPSS now connects 15 central banks, more than 115 commercial banks and 14 payment exchanges, paving the way for seamless intra-African trade.
So far, we have built a world-class payment infrastructure that has brought together various stakeholders in the payment ecosystem, including central banks, commercial banks and fintech companies. This integration enables payments to be made from one account in Africa to another in no more than 120 seconds.
MIKE OGBALU III, Managing Director of PAPSS – Nigeria
The figures speak for themselves: Africa could save more than 5 billion dollars each year by reducing transaction costs. By the end of 2025, 500 million bank accounts in 30 countries should be connected. PAPSS also relies on artificial intelligence to combat money laundering, a measure of confidence for regulators.
We have 150 commercial banks connected to PAPSS, which brings together around 500 million bank accounts on the same platform. We have also started opening up the platform to fintech companies and others in the payments ecosystem. This means that there can be interoperability between accounts and wallets.
MIKE OGBALU III, Managing Director of PAPSS – Nigeria
For Mike Ogbalu III, however, it’s more than just a technical reform: it’s a concrete step towards Africa’s economic sovereignty. He is also spearheading the launch of the Africa Currency Marketplace, a platform that matches African currencies in real time, without conversion abroad. One more tool for building a connected, efficient Africa… and in control of its own currency.
Once everyone is fully on board, you will see that it becomes very easy to make payments between individuals. Businesses are able to conduct trade in record time, and even governments can do so. One of the things you are saying now is that a number of governments actually use PAPSS to make payments to their embassies in different countries. You will see how payments can accelerate trade, improve economic activity, and therefore make Africa more prosperous.
MIKE OGBALU III, Managing Director of PAPSS – Nigeria
At the head of this financial revolution, Mike Ogbalu III embodies a new generation of pan-African leaders. An electrical and electronics engineer with an MBA from the Lagos Business School and a member of the International Academy of Cards and Payments, he has more than 15 years’ experience in commercial and retail banking, as well as solid expertise in payment infrastructures.
