The Pan-African Payment and Settlement System (PAPSS) is targeting faster adoption and higher transaction volumes across Africa as it moves into a new phase of expansion following a sharp increase in usage across its network.
Mike Ogbalu III, Chief Executive Officer of PAPSS, disclosed this at a media briefing in Lagos, saying the payment platform now operates in more than 30 African countries spanning the continent’s five regions.
The network connects 24 national and regional central banks, more than 200 commercial banks and payment service providers, and 16 switches. Through strategic partnerships, PAPSS also has a termination footprint covering more than 300 financial institutions.
Ogbalu said about 10 additional countries joined the PAPSS ecosystem in 2026, with further expansion expected before the end of the year.
According to PAPSS, transaction volumes across its network increased by approximately 1,000% between comparable periods in 2025 and 2026, while transaction value rose by about 120 per cent.
Nigeria recorded even stronger growth, with transaction volumes increasing by approximately 1,100 per cent and transaction values rising by 125 per cent over the same period.
Ogbalu said the figures showed that the infrastructure was gaining traction as more financial institutions and markets joined the network.
“The first phase of PAPSS has been about building, connecting and establishing trust. We have built the infrastructure, expanded our network across Africa and demonstrated that PAPSS can deliver tangible benefits,” he said.
He said the next phase, beginning from 2027, would focus increasingly on activating the existing network, deepening adoption and scaling transaction growth.
PAPSS said transactions processed through its network have delivered cost savings of between 92 per cent and 95 percent per transaction.
The platform also reported a 99.99 per cent reduction in processing time and up to an 80% reduction in foreign exchange requirements.
The system enables cross-border payments through participating financial institutions using African currencies, helping to connect payment ecosystems that have traditionally operated largely within national or regional boundaries.
Ogbalu said the next opportunity was to make these benefits available to more businesses and individuals by integrating PAPSS more deeply into the channels they already use.
“The growth we are seeing demonstrates that the infrastructure is working and that demand is increasing as more institutions and markets participate,” he said.
“The next opportunity is to make these benefits available at much greater scale by working more closely with banks, fintechs, switches and other partners to bring PAPSS into the channels businesses and individuals use every day.”
re seeing usage accelerate,” he said.
“Our next phase is about taking all three to scale and ensuring that payments increasingly enable, rather than limit, the ability of African businesses and individuals to participate in opportunities across the continent.”
The next phase of PAPSS’s strategy will be discussed at PAPSS COWRY 2026, its annual payments conference scheduled for November 26 and 27 in Addis Ababa, Ethiopia, in partnership with the National Bank of Ethiopia.
