Morocco joins African payment system

The Kingdom of Morocco has joined the Pan-African Payment and Settlement System (Papss) network.

This comes after Bank Al-Maghrib officially signed the Papss membership agreement.

As a result, Morocco becomes the 17th country of presence, further solidifying the continent’s commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA).

Papss which was developed by the African Export-Import Bank in partnership with the African Union and the AfCFTA secretariat, enables real-time, efficient and cost-effective cross-border payments in local currencies.

Papss advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent by welcoming Bank Al-Maghrib.

Papss chief executive Mike Ogbalu celebrates this latest milestone.

“We are delighted to welcome Bank Al-Maghrib to the Papss family. Morocco’s entry as our seventeenth country of presence demonstrates the growing momentum and trust in Papss as the solution for Africa’s cross-border payment challenges.

“With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent,” he says.

Papss is now present across seventeen countries, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa.

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