…Algeria becomes the 18th country in the payment system
The Pan-African Payment and Settlement System (PAPSS), an initiative launched by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, has admitted the Bank of Algeria into its network. This development marks Algeria as the 18th country to join PAPSS, strengthening efforts to improve financial integration across the continent.
According to PAPSS, the move is expected to improve cross-border payments while reinforcing the regulatory framework that governs intra-African trade.
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Link to IATF2025 in Algiers
Algeria’s entry into the PAPSS network comes as the country prepares to host the Intra-African Trade Fair 2025 (IATF2025). The trade fair will take place in Algiers from 4 to 10 September 2025. Organised by Afreximbank, the event is expected to bring together more than 35,000 participants from over 140 countries.
The IATF2025 is projected to serve as a key platform for advancing business and investment opportunities within the framework of the AfCFTA.
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PAPSS on expanding African payments
Mike Ogbalu III, Chief Executive Officer of PAPSS, described Algeria’s membership as a step forward for the network. He said: “We are delighted to welcome the Bank of Algeria to the PAPSS network. Algeria’s entry not only strengthens our presence in North Africa but also demonstrates the continent’s rising confidence in our system as the engine for Africa’s payment transformation. So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 1000% through digital channels integration. As our network grows, we’re making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.”
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Algeria’s role in regional trade
Mohamed Benbahane, Deputy Governor of the Bank of Algeria, explained the country’s motivation for joining. He stated: “In support of Algeria’s commitment to contribute to accelerating African economic integration, the Bank of Algeria has joined the Pan-African Payments and Settlement System (PAPSS). This membership, which aims in particular to improve payment efficiency and facilitate intra-African trade, represents an essential lever for strengthening Algeria’s role within the African financial ecosystem and supporting sustainable economic development in Africa.”
Growth of PAPSS across Africa
PAPSS was first introduced in West Africa in 2022 and has since expanded across the continent. Its presence is growing in North Africa, with Tunisia, Egypt, Morocco, and now Algeria among its members. At present, PAPSS connects 18 countries across four regions, involving more than 150 commercial banks and 14 switches.
The system is positioned as a tool for driving intra-African trade by addressing long-standing payment and settlement challenges across the continent.
