The Bank of Algeria recently became the 18th member of the Pan-African Payment and Settlement System (PAPSS), a network created by the Afreximbank, the African Union (AU), and the African Continental Free Trade Area (AfCFTA).
This step is a significant move toward strengthening financial integration across Africa and lowering the cost of cross-border transactions. The PAPSS network has already helped users cut these costs by as much as 27%.
Algeria’s decision to join the network comes as it gets ready to host the Intra-African Trade Fair in Algiers in 2025. This event is expected to attract more than 35,000 people from 140 countries.
Mike Ogbalu III, Chief Executive Officer of PAPSS, celebrated this landmark event, stating: “We are delighted to welcome the Bank of Algeria to the PAPSS network. Algeria’s entry not only strengthens our presence in North Africa but also demonstrates the continent’s rising confidence in our system as the engine for Africa’s payment transformation. So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 1000% through digital channels integration. As our network grows, we’re making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.”
Since its debut in West Africa in 2022, PAPSS has rapidly expanded its reach, with significant momentum in Northern Africa, with Tunisia, Egypt, Morocco, and now Algeria on board. Today, PAPSS connects 18 countries across four African regions, more than 150 commercial banks, and 14 switches.
PAPSS recently launched PAPSSCARD, the continent’s first Pan-African card scheme. It is a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS). It enables retail payments across African borders.