By Chika Okeke
The Bank of Central African States, BEAC, has joined forces with the Pan-African Payment and Settlement System, PAPSS, to stabilise Africa’s cross-border payment infrastructure, marking a significant step for financial integration in the region.
BEAC serves the six member countries of the Central African Economic and Monetary Community, CEMAC namely Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad.
As one of only two regional central banks on the continent, the partnership provides PAPSS with a strategic entry point into Francophone Africa and significantly expands the reach of the network across the continent.
Given the recent development, PAPSS now connects 28 African countries, bringing together more than 190 commercial banks and fintechs, supported by 16 switches. Through its extended network partners, PAPSS participants are also able to send money to more than 250 additional financial institutions.
The participation of BEAC strengthens PAPSS’s connectivity with the CEMAC region, a market of more than 72 million people and a strategic gateway linking West, East and Southern Africa.
Alongside the pilot phase planned with the Central Bank of West African States, BCEAO, scheduled to commence later this year, PAPSS continues to deploy the payment infrastructure capable of connecting all regions of Africa through a single African network.
Governor of BEAC and Chair of the AACB, Yvon Sana Bangui noted that by joining PAPSS, BEAC is creating the conditions for faster, more affordable and more efficient cross-border payments between the CEMAC countries and Africa.
“We encourage commercial banks and financial institutions across our member states to embrace this opportunity and prepare for participation in the platform.
“The success of African trade integration will depend not only on policy and infrastructure, but also on the active involvement of the financial sector. PAPSS provides a practical solution to support that vision,” Bangui said.
CEO of PAPSS, Mr. Mike Ogbalu hinted that BEAC’s participation in PAPSS represented a significant milestone in advancing Africa’s financial integration, just as he commended Bangui for his leadership and unwavering commitment.
“We also congratulate the entire BEAC team on this achievement. This development opens new trade and payment corridors between Central Africa and the rest of the continent, enabling faster, more affordable and more efficient cross-border payments that will support trade and economic activity,” he added.
Developed by Afreximbank in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables instant cross-border payments in local African currencies, allowing funds to move across African markets within seconds without relying on third-party currencies or external intermediaries.
For banks and fintechs, PAPSS creates opportunities to extend services beyond national borders. For businesses, it means faster transactions, lower costs and improved access to regional markets. For individuals, it provides a more efficient and affordable way to send and receive money across Africa. More broadly, it strengthens Africa’s financial sovereignty by enabling payments to be processed and settled on the continent.
PAPSS will work closely with BEAC through the end of 2026 to operationalise the membership, integrate financial institutions across the CEMAC region into the system, and facilitate the rollout of PAPSS services to businesses and individuals.
