The Pan-African Payment and Settlement System (PAPSS) has integrated the Bank of Central African States (BEAC), expanding its network to 28 African countries. BEAC represents six Central African nations — Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea, and Chad — collectively home to over 72 million people. This marks the first time the Central African Economic and Monetary Community (CEMAC) is linked to a continent-wide instant payment system that settles transactions in local currencies. Previously, cross-border payments from CEMAC countries to other African regions required routing through third-party financial systems, often in Europe or the United States, taking one to three business days and incurring fees of 5% to 8%. PAPSS eliminates this dependency by enabling direct settlement in local currencies within seconds, using its platform for clearing and Afreximbank for net settlement between central banks. The system now connects more than 190 commercial banks and fintechs across Africa, supported by 16 payment switches, with access to over 250 additional financial institutions through extended network partners. BEAC Governor Yvon Sana Bangui stated that the move creates conditions for faster, cheaper, and more efficient payments across Africa and urged financial institutions in the six member states to prepare for active use of the platform. PAPSS CEO Mike Ogbalu III said the integration opens new trade and payment corridors between Central Africa and the rest of the continent. The Central Bank of West African States (BCEAO), serving eight West African nations, is currently in a pilot phase with PAPSS, with full operations expected later this year. Once live, PAPSS will be connected to three of Africa's four major regional monetary blocs, advancing its goal of unifying the continent's fragmented payment landscape ahead of full African Continental Free Trade Area implementation.
The integration of BEAC into PAPSS covers 72 million people yet still leaves Africa's cross-border trade reliant on a patchwork of unproven links. Even with 28 central banks connected, the system depends on Afreximbank as a backstop, exposing ongoing fragility in autonomous settlement. If PAPSS aims to replace dollar-dependent corridors, it must prove it can scale without relying on a single continental guarantor. The real test begins when CEMAC businesses start using it daily, not when central banks sign agreements.
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