The Bank of Central African States, BEAC, has joined the Pan African Payment and Settlement System, PAPSS, in a move expected to make cross-border payments faster, cheaper, and easier across Central Africa while strengthening trade under the African Continental Free Trade Area.
The development brings the six member countries of the Central African Economic and Monetary Community, CEMAC, into Africa’s growing instant payment network. They are Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea and Chad.
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With BEAC’s entry, PAPSS now connects 28 African countries, linking more than 190 commercial banks and fintech companies through 16 payment switches. The expansion is expected to reduce reliance on foreign currencies for intra-African payments and improve the flow of trade across the continent.
Developed by the African Export-Import Bank (Afreximbank), in partnership with the African
