The Pan-African Payment and Settlement System plans to connect every African country to its cross-border payment network within the next five years, as it shifts its focus from building infrastructure to driving transaction volumes and wider adoption.
Chief Executive Officer of PAPSS, Mike Ogbalu, said the platform expects to increase its reach from 30 countries currently to about 38 by the end of 2026, with the goal of achieving about 80 per cent continental coverage in the near term.
Speaking at a press conference in Lagos, Ogbalu said PAPSS would ultimately seek to bring all African countries onto the platform, with South Africa identified as the major economy yet to join.
According to him, discussions with South Africa have been positive as PAPSS works to bring the continent’s major markets into a unified payment network.
The expansion comes as PAPSS enters the second phase of its strategic plan, having spent its first phase establishing the infrastructure, regulatory framework and institutional connections needed to facilitate instant cross-border payments. “We expect that by the end of those five years, we will have all countries,” he said.
