The Bank of Algeria has become the latest financial organisation to join the Pan-African Payment and Settlement System (PAPSS) launched by African Export-Import Bank (Afreximbank) (www.Afreximbank.com) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
Algeria now becomes the 18th country of presence for PAPSS, marking a significant step in advancing Africa’s journey towards deeper financial integration. This development is expected to further support cross-border payments and enhance the regulatory framework governing intra-African trade.
Algeria’s accession to PAPSS comes at a moment when the nation prepares to host the Intra-African Trade Fair 2025 (IATF2025) from 4 – 10 September 2025 in Algiers. This premier event, another flagship initiative of Afreximbank, is projected to bring together over 35,000 participants from more than 140 countries, creating an unrivalled platform for business, investment, and the realisation of the AfCFTA vision.
Mike Ogbalu III, chief executive officer of PAPSS, celebrated this landmark event, stating: “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 per cent for end users, while helping banks experience transaction volume surges of over 1000 per cent 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.”
Mohamed Benbahane, deputy governor of Bank of Algeria, remarked: “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.”
Since its debut in West Africa in 2022, PAPSS has rapidly expanded its reach, with significant momentum in Northern Africa, with Tunisia, Egypt, Morocco, and now Algeria on board. Today, PAPSS connects 18 countries across four African regions, more than 150 commercial banks, and 14 switches, evidence of growing trust in a solution that is revolutionising how money moves within Africa and beyond.
