Lagos: The Pan-African Payment and Settlement System (PAPSS) is gearing up to enhance adoption and transaction growth across Africa as it enters a new strategic phase, following significant network expansion and notable growth in payment volumes and values.
According to African Press Organization, Mr. Mike Ogbalu III, Chief Executive Officer of PAPSS, announced during a media briefing in Lagos that the payment platform now operates in over 30 African countries, spanning all five regions of the continent. The system connects 24 national and regional central banks, more than 200 commercial banks and payment service providers, and 16 switches. Through strategic partnerships, PAPSS offers a termination footprint that encompasses over 300 financial institutions.
In 2026 alone, approximately 10 additional countries joined the PAPSS ecosystem, with further expansion anticipated before the year's end. Mr. Ogbalu highlighted that the initial phase of PAPSS focused on building infrastructure, expanding networks, and establishing trust. As the platform transitions into its next phase from 2027, the emphasis will be on activating the network, deepening adoption, and scaling transaction growth.
PAPSS has experienced significant acceleration in usage, with transaction volumes across the network increasing by around 1,000 percent between comparable periods in 2025 and 2026, while transaction values rose by approximately 120 percent. Nigeria has been a major contributor to this growth, recording a 1,100 percent increase in transaction volumes and a 125 percent increase in transaction values over the same period.
PAPSS transactions have also resulted in cost savings of 92 to 95 percent per transaction, a 99.99 percent reduction in processing time, and up to an 80 percent reduction in foreign exchange requirements. Mr. Ogbalu emphasized that the growing demand is a testament to the platform's effectiveness, and the next opportunity lies in scaling these benefits by collaborating with banks, fintechs, switches, and other partners to integrate PAPSS into everyday channels used by businesses and individuals.
PAPSS facilitates cross-border payments through participating financial institutions, including transactions using African currencies, thereby connecting payment ecosystems that have traditionally operated within national and regional boundaries. In its next phase, PAPSS aims to focus on deeper market activation, increased customer awareness, the development of priority payment corridors, and broader service availability through participating financial institutions.
Currently, PAPSS offers three primary solutions: the PAPSS Instant Payment System, the PAPSS African Currency Marketplace, and PAPSSCARD. New solutions are being piloted and are expected to be announced later in 2026.
The future growth of PAPSS will be further discussed at PAPSS COWRY 2026, its annual payments conference scheduled for 26 and 27 November in Addis Ababa, Ethiopia, co-hosted with the National Bank of Ethiopia. Mr. Ogbalu concluded by affirming that the next phase is about scaling the network, demonstrating impact, and accelerating usage to enable African businesses and individuals to seize opportunities across the continent.