Press Releases

27 October 2023

CARICOM Central Banks adopt PAPSS for intra-regional trade transactions

Cairo, Thursday 26 October 2023 – The Pan-African Payment and Settlement System (PAPSS), a groundbreaking initiative developed by the African Export-Import Bank (Afreximbank) to revolutionize cross-border payments and boost intra-African trade, today celebrates a significant milestone as it receives a historic endorsement from the Governors of the Central Banks in the Caribbean region. All eleven…

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28 June 2023

Five African Multinational Commercial Banking Groups Embrace PAPSS New Settlement Model

Accra, Wednesday 28 June 2023 – PAPSS, the Pan-African Payment and Settlement System, is delighted to announce the signing of Memorandums of Understanding (MOUs) with five African multinational commercial banking groups: Access Bank Group, Ecobank Group, KCB Group, Standard Bank Group, and UBA Group. These significant partnerships aim to revolutionise the settlement of cross-border transactions…

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21 April 2023

PAPSS and ASEA forge strategic partnership to revolutionize cross-border payment of Stock Exchanges in Africa

Cairo, Friday, 21 April 2023: The Pan African Payment and Settlement System (PAPSS) and the African Stock Exchanges Association (ASEA) have signed a Memorandum of Understanding (MoU) to enhance collaboration and cooperation in promoting cross-border payments of Capital Markets infrastructure in Africa on Friday, 14 April 2023. The MoU was signed during the ASEA 2023…

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03 March 2023

GCB Completes First PAPSS Client Transaction In Ghana

Accra, March 3, 2023: GCB Bank Plc, one of the largest banks in Ghana, today announced it successfully completed the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana. The transaction involved a Ghanaian incorporated entity initiating a supplier payment from GCB in Ghana Cedis to a beneficiary in Nigeria who received the…

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02 March 2023

NGX, PAPSS to enhance cross-border payments, market liquidity

Lagos. Thursday, 2 March 2023: Nigerian Exchange Limited (“NGX” or “The Exchange”) and the Pan African Payment and Settlement System (“PAPSS”) have signed a Memorandum of Understanding (MoU) to facilitate cross-border payments and settlement of transactions of securities within countries integrated under the African Exchanges Linkage Project (AELP) on Tuesday, 28 February 2023. Developed by…

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22 December 2022

PAPSS achieves ISO 27701 Certification Demonstrating Ongoing Commitment to Stakeholders’ data Security and Privacy.

Cairo, 19th December 2022: PAPSS, the Pan-African Payment & Settlement System, today announces its certification against ISO27701:2019, an international standard for Privacy Information Management System. This just comes four months after achieving ISO 27001 certification, demonstrating PAPSS’ ongoing commitment to ensure stakeholders data collected and received for transaction processing are managed, shared and disposed in compliance with…

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19 July 2022

PAPSS is now ISO27001 Certified, in commitment to global security standards

Cairo, 19th July 2022: The Pan-African Payment and Settlement System (PAPSS) operated by African Export-Import Bank (Afreximbank) in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat and the African Union (AU), announced today that it has achieved the International Organisation for Standardisation (ISO) 27001 certification for its global operations. Following an external certification…

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11 May 2022

35th Summit of the African Union (AU) related to PAPSS

A delegation of Afreximbank led by Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and Chairperson of PAPSS Management Board, attended the 35th Summit of the African Union (AU) Assembly of Heads of State and Government that took place from 5–6 February 2022 in Addis Ababa, Ethiopia. The Summit was…

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29 April 2022

PAPSS announces collaboration with BUNA to build a payment gateway between Africa and the Arab region.

Cairo, 26 April 2022: The Pan-African Payment and Settlement System (PAPSS) operated by African Export-Import Bank (Afreximbank) in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, announced today the signing of a Memorandum of Understanding (MoU) with BUNA, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF). Interoperability among…

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21 May 2021

Afreximbank and AfCFTA announce the Operational Roll-out of the Pan-African Payment and Settlement System (PAPSS)

Cairo and Accra, 28 September 2021: – African Export-Import Bank (Afreximbank) and AfCFTA Secretariat announced today the operational roll-out of the Pan-African Payment and Settlement System (PAPSS), a revolutionary Financial Market Infrastructure to enable instant, cross-border payments in local currencies between African markets. By simplifying cross-border transactions and reducing the dependency on hard currencies for…

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