Algeria joins Pan-African Payment and Settlement System to boost intra-African trade

The Pan-African Payment and Settlement System (PAPSS), launched by the African Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, has officially welcomed Algeria into its growing network. This makes Algeria the 18th country to join PAPSS, marking another milestone in Africa’s push for deeper financial integration and efficient cross-border transactions.

The move comes as Algeria prepares to host the Intra-African Trade Fair 2025 (IATF2025) in Algiers from September 4 to 10, a flagship Afreximbank event expected to attract over 35,000 participants from more than 140 countries. The trade fair aims to strengthen business connections, investment opportunities, and AfCFTA’s vision of a unified African market.

Strengthening cross-border payment efficiency

Mike Ogbalu III, CEO of PAPSS, said Algeria’s membership strengthens the system’s presence in North Africa and boosts its role as a driver of Africa’s payment transformation. PAPSS has already reduced cross-border transaction costs among member countries, delivering savings of up to 27% for users and helping banks see transaction volumes surge over 1000% through digital channel integration.

With Algeria on board, the network is expected to further streamline payment flows, making them faster, more affordable, and accessible. This will open more opportunities for trade and economic growth while fostering a more connected financial ecosystem.

Advancing Africa’s financial integration

Deputy Governor of the Bank of Algeria, Mohamed Benbahane, said joining PAPSS aligns with Algeria’s commitment to accelerating African economic integration. He highlighted that the move will improve payment efficiency, facilitate intra-African trade, and reinforce Algeria’s position in the African financial landscape.

Since its 2022 debut in West Africa, PAPSS has expanded across Northern Africa with Tunisia, Egypt, Morocco, and now Algeria joining. Today, the system connects 18 countries in four regions, over 150 commercial banks, and 14 switches, reflecting its growing trust as a transformative payment solution across Africa.