By Bamidele Famoofo
WorldStage– The Pan-African Payment and Settlement System (PAPSS) has gained six countries from the French-speaking African region, bringing the number of countries using the platform for cross-border payments to 34.
PAPSS is Africa’s own ‘Visa+SWIFT’ built to make cross-border payments instant, cheap, and in local currencies. It’s one of the biggest financial projects under AfCFTA. It was launched in 2022 by Afreximbank in collaboration with the African Union and AfCFTA Secretariat.
The Bank of Central African States (BEAC) officially joined PAPSS on July 9, 2026, marking a significant step in strengthening Africa’s cross-border payment infrastructure and opening a new chapter for financial integration in Central Africa while driving greater intra-African trade.
As one of only two regional central banks on the continent, BEAC serves the six member countries of the Central African Economic and Monetary Community (CEMAC)—Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad. Its participation provides PAPSS with a strategic entry point into Francophone Africa and significantly expands the reach of the network across the continent.
With BEAC joining the network, PAPSS now connects 28 African countries, bringing together more than 190 commercial banks and fintechs, supported by 16 switches. Through its extended network partners, PAPSS participants are also able to send money to more than 250 additional financial institutions.
The participation of BEAC significantly strengthens PAPSS’s connectivity with the CEMAC region, a market of more than 72 million people and a strategic gateway linking West, East and Southern Africa. Alongside the pilot phase planned with the Central Bank of West African States (BCEAO), scheduled to commence later this year, PAPSS continue to deploy the payment infrastructure capable of connecting all regions of Africa through a single African network.
H.E. Yvon Sana Bangui, Governor of BEAC and Chair of the AACB, said: “By joining PAPSS, BEAC is creating the conditions for faster, more affordable and more efficient cross-border payments between the CEMAC countries and Africa. We encourage commercial banks and financial institutions across our member states to embrace this opportunity and prepare for participation in the platform. The success of African trade integration will depend not only on policy and infrastructure, but also on the active involvement of the financial sector. PAPSS provides a practical solution to support that vision.”
Mr. Mike Ogbalu III, CEO of PAPSS, commented: “BEAC’s participation in PAPSS represents a significant milestone in advancing Africa’s financial integration. We commend His Excellency Governor Yvon Sana Bangui for his leadership and unwavering commitment. We also congratulate the entire BEAC team on this achievement. This development opens new trade and payment corridors between Central Africa and the rest of the continent, enabling faster, more affordable and more efficient cross-border payments that will support trade and economic activity.”
Developed by Afreximbank in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables instant cross-border payments in local African currencies, allowing funds to move across African markets within seconds without relying on third-party currencies or external intermediaries.
For banks and fintechs, PAPSS creates opportunities to extend services beyond national borders. For businesses, it means faster transactions, lower costs and improved access to regional markets. For individuals, it provides a more efficient and affordable way to send and receive money across Africa. More broadly, it strengthens Africa’s financial sovereignty by enabling payments to be processed and settled on the continent.
PAPSS will work closely with BEAC through the end of 2026 to operationalize this membership, integrate financial institutions across the CEMAC region into the system, and facilitate the rollout of PAPSS services to businesses and individuals.
