Business and Finance AFRICAN DEVELOPMENT

Pan-African Payment System Records $4bn in Cross-Border Transactions

PAPSS Transactions

The Pan-African Payment and Settlement System (PAPSS) — launched by Afreximbank and the African Union to facilitate real-time cross-border payments in local currencies — has crossed the $4 billion milestone in cumulative transaction value.

The system currently connects 22 African central banks and 150 commercial banks, allowing instant interbank transfers without routing through European or American correspondent banks.

CEO Mike Ogbalu reported average transaction fees of 0.5% compared to the 5-7% typical of traditional wire transfers, with settlement finality within 60 seconds.

This article was reported by the AfriDevMonitor editorial team. Additional reporting contributed by our correspondents in Addis Ababa, Nairobi, Lagos, Johannesburg, and Cairo.