PAPSS Expands to 12 Countries as Morocco and Algeria Join Pan-African Payment System

The Pan-African Payment and Settlement System (PAPSS), operated by Afreximbank, expanded its coverage to 12 countries in mid-2025 with the onboarding of Morocco (July 2025) and Algeria (August 2025). These are the first North African countries to join the system, which previously covered West, East, and Southern African markets.

North Africa Integration

Morocco's Bank Al-Maghrib and Algeria's Banque d'Algérie completed central bank integrations with PAPSS, enabling commercial banks in both countries to process intra-African payments in local currencies without routing through European or American correspondent banks. Morocco's CIH Bank and Algeria's BNA were among the first commercial banks connected.

PAPSS Product Expansion

Alongside geographic expansion, Afreximbank launched two new PAPSS products in 2025: PAPSSCARD, a pan-African card scheme enabling cross-border card payments settled through PAPSS rails (June 2025), and the African Currency Marketplace, providing transparent FX pricing for the 42 African currencies supported on the platform (July 2025).

What This Means

PAPSS addresses one of Africa's most persistent payment infrastructure gaps: intra-African payments that historically routed through London or New York. The addition of Morocco and Algeria is strategically important - North Africa's trade with Sub-Saharan Africa has been growing, and direct payment connectivity removes a significant friction point. The 12-country coverage now represents over 60% of Africa's GDP.

Sources: Afreximbank, Reuters