Lagos: The Pan-African Payment and Settlement System (PAPSS) is gearing up for a new phase aimed at boosting adoption and transaction growth across Africa, following a substantial expansion of its network and a notable increase in payment volumes and values. Speaking at a media briefing in Lagos, Mr. Mike Ogbalu III, CEO of PAPSS, highlighted that the platform now spans more than 30 African countries, integrating 24 national and regional central banks, over 200 commercial banks, and 16 switches. Through strategic collaborations, PAPSS also extends its reach to over 300 financial institutions.
According to African Press Organization, during 2026 alone, around 10 additional countries joined the PAPSS ecosystem, with expectations for further expansion before year-end. Mr. Ogbalu emphasized that the initial phase focused on building infrastructure, expanding the network, and establishing trust. As PAPSS transitions into its next phase from 2027, the emphasis will shift towards activating the network, deepening adoption, and scaling transaction growth.
PAPSS has witnessed a significant surge in usage, with transaction volumes across the network increasing by approximately 1,000 percent, and transaction values rising by around 120 percent between 2025 and 2026. Nigeria has played a pivotal role in this growth, registering an approximately 1,100 percent increase in transaction volumes and a 125 percent rise in transaction values during the same period. Moreover, PAPSS transactions have resulted in cost savings of between 92 and 95 percent per transaction, a 99.99 percent reduction in processing time, and up to an 80 percent decrease in foreign exchange requirements.
Mr. Ogbalu noted that the infrastructure’s success is evident from the growing demand as more institutions and markets join the network. He emphasized the next opportunity lies in scaling these benefits by collaborating closely with banks, fintechs, switches, and other partners to integrate PAPSS into everyday business and individual channels.
PAPSS facilitates cross-border payments through participating financial institutions, including transactions using African currencies, thus connecting payment ecosystems traditionally confined within national and regional boundaries. In its upcoming phase, PAPSS aims to focus on deeper market activation, enhancing customer awareness, developing priority payment corridors, and expanding service availability through its network of financial institutions.
Currently, PAPSS offers three major solutions: the PAPSS Instant Payment System, the PAPSS African Currency Marketplace, and PAPSSCARD. New solutions are under pilot testing and are expected to be announced later in 2026. Further discussions on PAPSS’s growth trajectory will take place at PAPSS COWRY 2026, the annual payments conference scheduled for November 26 and 27 in Addis Ababa, Ethiopia, co-hosted with the National Bank of Ethiopia.
Mr. Ogbalu concluded by affirming the network’s establishment and impact, underscoring the goal of scaling efforts to ensure payments empower African businesses and individuals to seize opportunities across the continent.