PAPSS

About

PAPSS, the Pan-African Payment and Settlement System, is a cross-border financial market infrastructure that lets payments between African countries be made instantly in local currencies. It works with African central banks to provide a payment and settlement service that commercial banks, payment service providers and fintechs join as Participants, with end-of-day net settlement coordinated through the participating central banks. PAPSS was developed with capital and resource investment from Afreximbank, which established the PAPSS Governing Council to provide oversight and regulation of the system. The system is designed to support the higher volumes of cross-border payments expected under the African Continental Free Trade Area (AfCFTA) agreement. Its management is led by chief executive officer Mike Ogbalu III and deputy chief executive John Bosco Sebabi.