Cross-border trade PAPSS : facilitating payments in Central Africa
At the Pro Meet Up 5 business forum held from 1 to 5 June 2026 in Yaoundé, Mr. Mike Ogbalu III, CEO of the Pan-African Payment and Settlement System (PAPSS) at AFREXIMBANK, announced that the Bank of Central African States (BEAC) would be joining the system. PAPSS is a cross-border financial market infrastructure that facilitates payment transactions across Africa. It enables the instant or near-instant transfer of funds between payers in one African country and payees in another without the need for international currency conversions.
BEAC's accession to PAPSS should enable payments to be made directly in CFA francs, instantly, between Cameroonian, Gabonese or Congolese companies trading with one another, without the need for conversion into dollars or euros, and without exchange fees or delays of several days.
Already used by more than 19 countries, involving 150 commercial banks and 14 payment gateways, PAPSS is a major driver of continental financial integration, to which Central Africa is now preparing to connect. For governments and central banks, this integration is a strategic step forward that is likely to strengthen financial stability and improve the transparency of transactions.
From an operational perspective, the effects are substantial for the supply and trade chains, specifically in terms of instant payments, reduced transaction costs, support for the competitiveness of SMEs and informal sector actors, and the streamlining of customs operations. This reform is part of the process set out in the roadmap of the African Continental Free Trade Area (AfCFTA) and constitutes a major opportunity to enhance intra-African trade flows and the economic competitiveness of countries of the Central African Economic and Monetary Community (CEMAC).
