The Pan-African Payment and Settlement System (PAPSS) is set to accelerate adoption and transaction growth across Africa as it enters the next phase of its strategy. This follows significant expansion of its network and strong growth in payment volumes and values. PAPSS now operates in more than 30 African countries across all five regions of the continent. It connects 24 national and regional central banks, more than 200 commercial banks and payments service providers, and 16 switches.
Through strategic partnerships, PAPSS provides a termination footprint covering more than 300 financial institutions. Around 10 additional countries have joined the PAPSS ecosystem in 2026 alone, with further expansion expected before the end of the year. According to Mr. Mike Ogbalu III, Chief Executive Officer of PAPSS, the first phase of PAPSS has been about building, connecting, and establishing trust. The platform has built the infrastructure, expanded its network across Africa, and demonstrated that PAPSS can deliver tangible benefits.
As PAPSS moves into its next phase from 2027, its focus will increasingly shift towards activating that network, deepening adoption, and taking transaction growth to scale. Usage of PAPSS has accelerated significantly, with transaction volumes across the network increasing by approximately 1,000 percent between comparable periods in 2025 and 2026. Transaction values increased by approximately 120 percent over the same period. Nigeria remains a significant contributor to that growth, recording an approximately 1,100 percent increase in transaction volumes and a 125 percent increase in transaction values.
PAPSS transactions have also demonstrated cost savings of between 92 and 95 percent per transaction, a 99.99 percent reduction in processing time, and up to 80 percent reduction in foreign exchange requirements. Mr. Ogbalu added that the growth demonstrates that the infrastructure is working and that demand is increasing as more institutions and markets participate. The next opportunity is to make these benefits available at much greater scale by working more closely with banks, fintechs, switches, and other partners.
PAPSS enables cross-border payments through participating financial institutions, including transactions using African currencies, helping connect payment ecosystems that have historically operated within national and regional boundaries. As part of its next phase, PAPSS will focus on deeper market activation, greater customer awareness, development of priority payment corridors, and wider availability of its services through participating financial institutions. PAPSS currently provides three major solutions: the PAPSS Instant Payment System, the PAPSS African Currency Marketplace, and PAPSSCARD.
New solutions are also being piloted and are expected to be announced later in 2026. The next phase of PAPSS’s growth will be discussed further at PAPSS COWRY 2026, its annual payments conference, taking place on 26 and 27 November in Addis Ababa, Ethiopia, and co-hosted with the National Bank of Ethiopia. Mr. Ogbalu concluded that PAPSS has built the network, demonstrated the impact, and is seeing usage accelerate. The next phase is about taking all three to scale and ensuring that payments increasingly enable, rather than limit, the ability of African businesses and individuals.
The growth and adoption of PAPSS are expected to have a significant impact on the African economy, promoting financial inclusion, and facilitating cross-border trade. As the platform continues to expand and evolve, it is likely to play an increasingly important role in the development of Africa's financial sector. With its focus on deepening adoption and taking transaction growth to scale, PAPSS is well-positioned to achieve its goals and make a lasting impact on the continent.
Key points
- PAPSS has expanded its network to over 30 African countries, connecting 24 national and regional central banks, and more than 200 commercial banks and payments service providers.
- The platform has seen significant growth in transaction volumes and values, with a 1,000 percent increase in transaction volumes between 2025 and 2026.
- PAPSS is focusing on deeper market activation, greater customer awareness, and development of priority payment corridors in its next phase.
