The Pan-African Payment and Settlement System (PAPSS) has announced that Bank AI-Maghrib has officially signed the PAPSS membership agreement, with the Kingdom of Morocco joining the network.
This move positions Morocco as the 17th country to enter the PAPSS network and further strengthens the continent’s commitment to financial inclusion and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA).
Created by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, PAPSS supports real-time, efficient, and cost-effective cross-border payments in local currencies. With Bank AI-Maghrib entering the network, PAPSS is set to be able to further advance its mission of connecting African central banks and facilitating simplified cross-border trade, payment flows, and investment across the region. The addition of Morocco brings PAPSS’s member countries to 17, together with over 150 commercial banks and 14 switches. Also, the network seeks to continue to expand its reach and impact across Africa, serving the needs of consumers and businesses across the continent.
Furthermore, representatives from PAPSS provided their point of view on the milestone, emphasising that Morocco’s entry underlines the growing momentum and trust in PAPSS as the solution for Africa’s cross-border payment difficulties. As more countries are joining, PAPPS aims to unify the African market, minimising transaction costs and supporting companies and individuals.
Banque Centrale de Tunisie joins PAPSS
The addition of Bank AI-Maghrib follows Banque Centrale de Tunisie’s entry into PAPSS from February 2024, with the move focusing on promoting optimised cross-border payment services and improved financial integration across Africa. Including the bank in the network reflected the financial institution’s commitment to facilitating economic growth and development within Tunisia and the African region. Similarly to the current announcement, the partnership between Banque Centrale de Tunisie and PAPSS was expected to augment payment efficiency, decrease transaction costs, and offer more opportunities for Tunisian businesses and citizens to trade and transact with other African countries.
