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Prime Content | 
Major benefits of Pan-African payment scheme

07 Oct '25
3 min read
Major benefits of Pan-African payment scheme
Pic: Shutterstock

Insights

  • Africa hosts some of the world's most expensive cross-border payment corridors.
  • PAPSS is transforming regional trade by allowing businesses and governments to bypass the US dollar.
  • Supporting AfCFTA, it boosts textile sector growth, empowers SMEs, and strengthens financial sovereignty.
  • Scheme is now operational in 15 countries, connecting 150 commercial banks.

Since its launch in January ****, the Pan-African Payment and Settlement System (PAPSS) has been enabling cross-border transactions directly in local currencies, allowing businesses and governments to bypass the US dollar.

The system promises to reduce costs and strengthen intra-African trade, helping a continent long burdened by the high expense of dollar-based payments.

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