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The Pan-African Payment and Settlement System (PAPSS) has expanded its footprint with the official inclusion of the Bank of Algeria, making Algeria the 18th country to join the network.
PAPSS, developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, is designed to boost intra-African trade by facilitating faster, cheaper, and more secure cross-border payments.
The Bank of Algeria’s accession comes as the country prepares to host the Intra-African Trade Fair 2025 (IATF2025)in Algiers from 4–10 September. The event, also spearheaded by Afreximbank, is expected to attract over 35,000 participants from more than 140 countries, serving as a strategic platform for business, investment, and the practical advancement of the AfCFTA agenda.
Mike Ogbalu III, Chief Executive Officer of PAPSS, highlighted the system’s impact to date, noting that it has already lowered cross-border transaction costs by up to 27% for end users while driving over 1,000% growth in digital transaction volumes for banks. “As our network expands, we are making payments across Africa faster, more affordable, and more accessible—unlocking new opportunities for businesses and communities alike,” he said.
Mohamed Benbahane, Deputy Governor of the Bank of Algeria, underscored the country’s commitment to regional integration:
“Joining PAPSS reflects Algeria’s determination to accelerate African economic integration. This step will enhance payment efficiency, support intra-African trade, and strengthen Algeria’s role in advancing sustainable economic development on the continent.”
With Algeria now onboard, PAPSS continues to solidify its position as a cornerstone of Africa’s financial infrastructure, driving the continent closer to seamless economic integration under the AfCFTA framework.
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