The Pan-African Payment and Settlement System (PAPSS), 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 officially welcomed the Bank of Algeria into its network.

Algeria becomes the 18th country to join PAPSS, marking a step forward in Africa’s efforts towards deeper financial integration.

The move is expected to support cross-border payments and strengthen the regulatory framework governing intra-African trade.

Algeria’s accession to PAPSS coincides with the country’s preparations to host the Intra-African Trade Fair 2025 (IATF2025) in Algiers from 4 to 10 September.

The event, another initiative of Afreximbank, is expected to attract over 35,000 participants from more than 140 countries, providing a platform for business, investment, and the implementation of the AfCFTA agenda.

Mike Ogbalu III, Chief Executive Officer of PAPSS, said:

“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.”

Mohamed Benbahane, Deputy Governor of the Bank of Algeria, added:

“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.”

Featured image credit: PAPSS