The Pan-African Payment and Settlement System (PAPSS) is gearing up to accelerate adoption and transaction growth across Africa as it moves into the next phase of its strategy, building on significant network expansion and strong growth in payment volumes and values.
Speaking at a media briefing in Lagos, Mr Mike Ogbalu III, Chief Executive Officer of PAPSS, revealed that the platform now operates in more than 30 African countries spanning all five regions of the continent. It connects 24 national and regional central banks, over 200 commercial banks and payment service providers, and 16 switches. Through strategic partnerships, PAPSS also offers a termination footprint reaching more than 300 financial institutions.
Around 10 additional countries have joined the PAPSS ecosystem during 2026 alone, with further expansion expected before the year is out.
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.”
Rapid Growth in Usage
PAPSS has seen usage accelerate sharply. Comparing 2025 and 2026, transaction volumes across the network climbed by roughly 1,000 per cent, while transaction values rose by around 120 per cent.
Nigeria has been a major driver of this growth, posting an approximately 1,100 per cent rise in transaction volumes and a 125 per cent rise in transaction values over the same period.
The platform has also delivered notable efficiency gains, with transactions showing cost savings of between 92 and 95 per cent, a 99.99 per cent cut in processing time, and up to an 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.”
Connecting Africa’s Payment Ecosystems
PAPSS enables cross-border payments through participating financial institutions, including transactions in African currencies, helping link payment ecosystems that have traditionally operated within national and regional boundaries.
Looking ahead, PAPSS plans to focus on deeper market activation, greater customer awareness, the development of priority payment corridors, and wider availability of its services through participating financial institutions.
The platform currently offers three major solutions: the PAPSS Instant Payment System, the PAPSS African Currency Marketplace, and PAPSSCARD. Additional solutions are being piloted and are expected to be unveiled later in 2026.
The next phase of PAPSS’s growth will be explored further at PAPSS COWRY 2026, its annual payments conference, scheduled for 26–27 November in Addis Ababa, Ethiopia, 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.”