The Central Bank of Congo has formally joined the African Payments and Settlement System (PAPS), a significant step toward modernising the Democratic Republic of Congo's financial infrastructure. This development emerged during the 48th Annual Meeting of the Association of African Central Banks in Nairobi. The DRC's membership expands connectivity in the region, making it one of the first Central African countries to join PAPS.
The African Payments and Settlement System now connects 31 African countries, with 16 payment switches and over 200 commercial banks or financial institutions. The institution aims to reach 39 countries by the end of 2026 for near-continental coverage. This expansion is expected to enhance economic integration and facilitate trade across the continent.
Speaking at the ceremony, Haytham El Maayergi, Executive Vice President for Global Trade Bank at Afreximbank, described the DRC's move as a strategic commitment to deeper African financial connectivity. He noted that trade accounts for 98 per cent of the DRC's gross domestic product, yet intra-African trade represents only 10 per cent of the country's exports and imports.
El Maayergi attributed the gap in intra-African trade to structural barriers, particularly in how payments move across borders. He emphasised that trade does not move on agreements alone but on infrastructure. The PAPS system enables local-currency transactions, reducing reliance on hard currencies.
Central Bank of Congo Governor André Wameso Nkualoloki highlighted the broader strategic value of the DRC's membership. He stated that it aligns with ongoing reforms to modernise payment systems and support the African Continental Free Trade Area. Nkualoloki expects the membership to make cross-border payments faster, safer, and less expensive.
Yvon Sana Bangui, previously the Governor of the Bank of Central African States (BEAC), was voted the Interim chair of the Africa Monetary Institute. The institute coordinates the implementation of macroeconomic convergence criteria and handles preparatory work for creating the African Central Bank. The interim chair is elected as a bridge measure to keep work moving until a formal inaugural session elects the full office.
The Africa Monetary Institute's board is represented by board directors from the five African regions. The term for the interim chair is set at two years. Speakers at the ceremony noted that the process of electing leadership for the continental board had stretched over years, leaving Africa without a strong unified voice in global forums.
Key points
- The DRC's membership in PAPS connects 31 African countries, advancing continental economic integration.
- The Africa Monetary Institute aims to coordinate macroeconomic convergence criteria and handle preparatory work for creating the African Central Bank.
- The PAPS system enables local-currency transactions, reducing reliance on hard currencies.
