The Pan-African Payment and Settlement System (PAPSS) is rapidly redefining the financial architecture of the continent. Entering the next pivotal phase of its expansion strategy, the network is shifting focus from building foundational infrastructure to deepening adoption, driven by unprecedented PAPSS transaction growth over the past year.
Speaking at a recent media briefing in Lagos, Nigeria, Mike Ogbalu III, Chief Executive Officer of PAPSS, confirmed that the platform now operates across more than 30 African countries. It currently connects 24 central banks, over 200 commercial banks, and 16 national and regional switches.
A 1,000% Surge in Volume
The numbers underscore the platform’s rapid market acceptance. Between 2025 and 2026, PAPSS transaction growth reached staggering heights, with transaction volumes skyrocketing by approximately 1,000 percent. Transaction values also surged by 125 percent during the same period. Nigeria has been a significant engine for this expansion, contributing to an 1,100 percent increase in domestic volume over comparable periods.
“The first phase of PAPSS has been about building, connecting, and establishing trust,” Ogbalu stated. “As we move into our next phase from 2027, our focus will increasingly shift towards activating that network, deepening adoption, and taking PAPSS transaction growth to an even grander scale.”
Slashing Costs and Processing Times
Historically, cross-border trade within Africa required routing payments through third-party global currencies like the US Dollar or Euro, resulting in hefty fees and multi-day delays. Supported by Afreximbank and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS eliminates this friction by settling transactions directly in local African currencies.
This streamlined approach has yielded massive efficiencies. Active users are currently experiencing cost savings of between 92 and 95 percent per transaction. Furthermore, the system boasts a 99.99 percent reduction in processing time—averaging just seven seconds per transaction—and up to an 80 percent reduction in foreign exchange requirements.
Looking Toward Universal Continental Adoption
As the network expands into its second phase, the strategy aims to cement PAPSS transaction growth by unlocking deeper market activation and facilitating priority payment corridors. Over 10 additional countries joined the ecosystem in 2026 alone, and discussions are underway to onboard major economic players like South Africa. The ultimate goal is 100 percent continental adoption within the next five years, effectively linking all 54 African nations.
By directly integrating with local banks, fintechs, and payment service providers, PAPSS aims to seamlessly embed its capabilities into the everyday digital channels used by businesses and individuals. This level of financial integration is crucial for unlocking the true potential of the AfCFTA, ensuring that reliable payments empower, rather than restrict, the ability to operate across diverse African markets.
The platform will outline the specifics of its next expansion phase at the upcoming PAPSS COWRY 2026 annual payments conference, scheduled for November 26 and 27 in Addis Ababa, Ethiopia.
