The Pan-African Payment and Settlement System (PAPSS) is preparing to accelerate adoption and transaction growth across Africa as it enters the next phase of its strategy, following significant expansion of its network and strong growth in payment volumes and values.
Speaking at a media briefing in Lagos, Mr Mike Ogbalu III, Chief Executive Officer of PAPSS, said the platform 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 also provides a termination footprint covering more than 300 financial institutions.
During 2026 alone, around 10 additional countries have joined the PAPSS ecosystem, with further expansion expected before the end of the year.
Mr Ogbalu said: “The first phase of PAPSS has been about building, connecting and establishing trust. We have built the infrastructure, expanded our network across Africa and demonstrated that PAPSS can deliver tangible benefits. As we move into our next phase from 2027, our focus will increasingly shift towards activating that network, deepening adoption and taking transaction growth to scale.”
Usage of PAPSS has accelerated significantly. Between comparable periods in 2025 and 2026, transaction volumes across the network increased by approximately 1,000 per cent, while transaction values increased by approximately 120 per cent.
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Nigeria remains a significant contributor to that growth, recording an approximately 1,100 per cent increase in transaction volumes and a 125 per cent increase in transaction values over the same period.
PAPSS transactions have also demonstrated cost savings of between 92 and 95 per cent per transaction, a 99.99 per cent reduction in processing time and up to 80 per cent reduction in foreign exchange requirements.
Mr Ogbalu added: “The growth we are seeing 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 to bring PAPSS into the channels businesses and individuals use every day.”
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: “We have built the network, we have demonstrated the impact, and we are seeing usage accelerate. Our 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 to participate in opportunities across the continent.”
