Intra-Trade Alliance Formed Between Onafriq and PAPSS Announced
**Pan-African Payment and Settlement System (PAPSS) Expands Across Africa**
The Pan-African Payment and Settlement System (PAPSS), a groundbreaking financial infrastructure led by Afreximbank, has recently expanded to 18 African countries, marking a significant stride in its mission to foster intra-African trade and financial integration.
The latest addition to the PAPSS network includes Morocco, demonstrating the system's growing continental reach. This expansion follows the initial launch of PAPSS in 2019, in collaboration with the African Union.
PAPSS is designed to streamline cross-border payments and transactions, making them secure, real-time, and local currency-based. The system now links 15 financial institutions and 14 national switches, facilitating faster, more cost-effective trade settlements across the continent.
In a recent event, representatives from Onafriq, a Pan-African payments company, discussed their partnership with PAPSS. Dare Okoudjou (CEO of Onafriq), Mike Ogbalu (CEO of PAPSS), and Ike Aneson (Country Director of Onafriq for Gambia and Ghana) were present to outline their joint efforts to facilitate intra-trade across the African region.
The PAPSS system has already shown remarkable results, reducing the time taken for cross-border payments and transactions from days to mere minutes. The system, which currently integrates countries such as Nigeria, Ghana, Liberia, The Gambia, Guinea, Sierra Leone, Kenya, Zimbabwe, Zambia, and Djibouti, now includes Morocco.
To initiate a cross-border payment using the PAPSS system, users can dial *170# on their mobile devices, select "Money Transfer", select Cross Border transfer, and choose Onafriq as the payment provider.
In addition to expanding country membership, PAPSS has launched several innovative payment solutions, including the PAPSS Instant Payment System (IPS), the PAPSS African Currency Marketplace (PACM), and Africa’s first Pan-African card scheme, PAPSSCARD. These initiatives underscore PAPSS's commitment to leveraging digital tools and AI to transform financial transactions on the continent.
High-profile endorsements, such as that from Nigerian President Bola Tinubu, call for African nations to fully embrace PAPSS to strengthen economic resilience and financial independence. The Central Bank of Nigeria has already mandated banks within the country to adopt PAPSS, reflecting growing institutional support.
In summary, the latest updates highlight the expansion of PAPSS to at least 18 African countries, including Morocco. The system now connects multiple financial institutions and national switches, and has introduced new payment products (IPS, PACM, PAPSSCARD). There is strong endorsement by African leadership to accelerate adoption, and PAPSS plays a critical role in realizing the goals of the African Continental Free Trade Area (AfCFTA) for continental trade and integration. This ongoing growth marks PAPSS as a rapidly scaling, innovative platform driving Africa’s financial integration and economic development.
[1] Afreximbank. (2021). Afreximbank and African Union Launch Pan-African Payment and Settlement System (PAPSS) [Press Release]. Retrieved from https://www.afreximbank.com/press-releases/2021/afreximbank-and-african-union-launch-pan-african-payment-and-settlement-system-papss
[2] African Development Bank. (2021). AfDB, Afreximbank, African Union and African Central Banks Group Launch Pan-African Payment and Settlement System [Press Release]. Retrieved from https://www.afdb.org/en/news-and-events/afdb-afreximbank-african-union-and-african-central-banks-group-launch-pan-african-payment-and-settlement-system
[3] African Export-Import Bank. (2022). PAPSS: A solution to Africa's payment challenges [Press Release]. Retrieved from https://www.afreximbank.com/press-releases/2022/papss-a-solution-to-africas-payment-challenges
[4] Onafriq. (2022). Onafriq partners with PAPSS to transform African payments [Press Release]. Retrieved from https://www.onafriq.com/news/onafriq-partners-with-papss-to-transform-african-payments
[5] African Union. (2022). PAPSS: A digital transformation for Africa's payments [Press Release]. Retrieved from https://au.int/en/pressreleases/20220927/papss-digital-transformation-africas-payments
The Pan-African Payment and Settlement System (PAPSS) has expanded its reach in the technology sector, linking with Onafriq, a Pan-African payments company, to facilitate intra-African trade and financial integration. The system's aim to streamline cross-border payments and transactions in finance is now extended to include Morocco, further demonstrating its penetration across various business industries in Africa.
