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Algeria has officially joined the Pan-African Payment & Settlement System – PAPSS, becoming the 18th country to embrace the transformative financial infrastructure spearheaded by African Export-Import Bank (Afreximbank) in partnership with the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat. This move strengthens PAPSS’s presence in North Africa, joining Tunisia, Egypt, and Morocco, and marks a significant milestone in the continent’s journey toward integrated financial systems. Since its launch in West Africa in 2022, PAPSS has rapidly expanded across four African regions, connecting 18 countries, over 150 commercial banks, and 14 switches.
The system is already delivering measurable impact. By simplifying cross-border transactions, PAPSS has reduced intra-Africa transaction costs by up to 27% for end users. Banks within the network have also recorded transaction volume surges of over 1000% through the integration of digital channels. These outcomes demonstrate how PAPSS is transforming Africa’s payments landscape by lowering costs, increasing efficiency, and strengthening digital financial inclusion across the continent. Algeria’s entry further consolidates this momentum and reinforces the collective confidence in PAPSS as the engine driving Africa’s payment revolution.
Leadership voices have emphasized the strategic importance of this expansion. PAPSS CEO, Mike Ogbalu السعيد, highlighted Algeria’s membership as proof of the continent’s rising trust in the system and its transformative role in shaping Africa’s financial future. Similarly, Benbahane Mohamed, Deputy Governor of the Bank of Algeria بنك الجزائر, underscored the membership as a crucial lever for enhancing payment efficiency, fostering intra-African trade, and supporting sustainable economic development. This alignment of vision between institutions showcases the growing synergy between financial innovation and Africa’s wider economic integration.
With initiatives like PAPSSCARD, launched in partnership with Afreximbank and Mercury Payment Services earlier this year, the system is further extending its reach and utility. The addition of Algeria signals a stronger, more connected Africa, where financial barriers are steadily dismantled in favor of seamless trade, innovation, and inclusion. PAPSS’s expansion is not just about payments—it is about unlocking Africa’s economic potential and creating a foundation for sustainable, inclusive growth across the continent.
