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About PAPSS

The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS collaborates with African central banks to offer payment and settlement solutions that commercial banks and licensed payment service providers (switches, fintechs, aggregators, etc.) across the continent can connect to, making these services accessible to the public. To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD.

Afreximbank and the African Union (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.

For more information, visit: www.papss.com.
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Media Contact: Papa Samba Thiongane, communications@papss.com