Morocco reportedly joins PAPSS, advancing African financial integration

The Pan-African Payment and Settlement System (PAPSS) has confirmed the entry of the Kingdom of Morocco into its network, following the official signing of a membership agreement by Bank Al-Maghrib.

According to a statement issued in Lusaka on Monday, Morocco becomes the 17th country to join the system, which is central to the African Continental Free Trade Area (AfCFTA)’s goals of enhancing intra-African trade and financial integration.

PAPSS was developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat.

The statement indicated that PAPSS enables real-time, cross-border payments in local currencies, offering a more efficient and cost-effective alternative to traditional settlement systems that rely on third-party currencies and institutions.

Mike Ogbalu III, Chief Executive Officer of PAPSS, said Morocco’s participation reflected the steady progress being made toward harmonizing Africa’s payment infrastructure.

“Morocco’s entry as our seventeenth country of presence reflects the continued expansion of PAPSS as a solution to cross-border payment challenges in Africa. As more countries come on board, we are moving closer to a more connected African market,” Ogbalu said.

With the addition of Morocco, PAPSS is now reportedly active in 17 countries, supports over 150 commercial banks, and integrates 14 national payment switches.

The system aims to strengthen trade and investment flows across the continent by simplifying and accelerating payment processes.

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