Bank of Algeria has entered the Pan-African Payment and Settlement System (PAPSS) introduced by African Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
The initiative positions Algeria as the eighteenth country of presence for the PAPSS, which, since its launch in West Africa in 2022, has expanded its reach substantially, with momentum in Northern Africa, with Tunisia, Egypt, and Morocco.
PAPSS, initially announced by the Afreximbank and the African Union back in 2019, comes as a centralised Financial Market Infrastructure that allows the efficient transfer of money across Africa. Currently, PAPSS connects 18 countries across four African regions, as well as over 150 commercial banks and 14 switches. The announcement regarding Algeria’s decision to join the system follows Afreximbank, PAPSS, and Mercury Payment Services’ (MPS) launch of PAPSSCARD as a joint venture from July 2025, as well as Bank AI-Maghrib’s entry into the system just a few days later.
Secure money flows across Africa
According to PAPSS’s officials, in addition to solidifying the system’s presence in North Africa, Algeria’s decision to join PAPSS underlined the continent’s boosted confidence in the solution. Until now, PAPSS has minimised intra-Africa cross-border transaction costs among participating countries and allowed savings of up to 27% for end users while also supporting banks in experiencing transaction volume increases through digital channels integration.
When it comes to this move, Bank of Algeria commented that the membership, which mainly focuses on optimising payment efficiency and facilitating intra-Africa trade, advances Algeria’s role within the African financial ecosystem and assists economic development across the region.
Africa’s financial landscape in 2025
Even if the global economic landscape is currently experiencing significant difficulties, Africa’s financial sector continues to showcase resilience. According to recent data, the continent is projected to maintain strong economic growth, supported by rising consumer demand, optimal governance, and revived efforts to diversify economies. Additionally, the adoption of fintech solutions represents the main trend which is improving Africa’s financial landscape, with markets embracing technology to scale financial inclusion, especially in underserved communities.
