Lagos: The Pan-African Payment and Settlement System (PAPSS) is preparing to accelerate adoption and transaction growth across Africa as it enters the next phase of its strategy, following significant expansion of its network and strong growth in payment volumes and values. Speaking at a media briefing in Lagos, Mr. Mike Ogbalu III, Chief Executive Officer of PAPSS, shared key updates on the platform's operations and future plans.

According to African Press Organization, PAPSS now operates in more than 30 African countries across all five regions of the continent. It connects 24 national and regional central banks, more than 200 commercial banks and payments service providers, and 16 switches. Through strategic partnerships, PAPSS has extended its termination footprint to cover over 300 financial institutions. In 2026 alone, around 10 additional countries joined the PAPSS ecosystem, with further expansion anticipated before the end of the year.

Mr. Ogbalu explained that the initial phase focused on building infrastructure, expanding the network, and establishing trust. As PAPSS moves into its next phase starting in 2027, the focus will shift towards activating the network, deepening adoption, and scaling transaction growth. Between 2025 and 2026, transaction volumes across the network surged by approximately 1,000 percent, while transaction values increased by about 120 percent. Nigeria has been a significant contributor to this growth, with a 1,100 percent increase in transaction volumes and a 125 percent rise in transaction values.

PAPSS transactions have demonstrated cost savings of between 92 and 95 percent per transaction, a 99.99 percent reduction in processing time, and up to 80 percent reduction in foreign exchange requirements. Mr. Ogbalu emphasized that the growth indicates the infrastructure's effectiveness and increasing demand as more institutions and markets participate. The goal is to scale these benefits by collaborating closely with banks, fintechs, switches, and other partners.

PAPSS facilitates cross-border payments through participating financial institutions, using African currencies and connecting historically isolated payment ecosystems. The next phase will focus on market activation, customer awareness, development of priority payment corridors, and wider service availability.

Currently, PAPSS offers three major solutions: the PAPSS Instant Payment System, the PAPSS African Currency Marketplace, and PAPSSCARD. New solutions are being piloted and are expected to be announced later in 2026. The future growth of PAPSS will be further discussed at PAPSS COWRY 2026, its annual payments conference, scheduled for 26 and 27 November in Addis Ababa, Ethiopia, co-hosted with the National Bank of Ethiopia.

Mr. Ogbalu concluded by emphasizing the network's growth, impact, and usage acceleration, aiming to ensure that payments enable African businesses and individuals to seize opportunities across the continent.