PAPSS now connects 19 countries, facilitates cross-border payments in seconds, says CEO
Mike Ogbalu, chief executive officer (CEO) of the Pan-African Payment and Settlement System (PAPSS), says the platform has connected 19 African countries and 160 commercial banks, with plans to expand coverage to about 40 countries.
In 2022, the African Export-Import Bank (Afreximbank) launched the PAPSS, a financial market infrastructure, to enable cross-border payments in local currencies across different markets on the continent.
Speaking on Tuesday at the inaugural and official launch of PAPSS Cowry conference on worldwide and regional payment in Lagos, Ogbalu linked the vision behind the payment system to Africa’s long history of fragmentation.
