RABAT, Morocco July 8 –The Kingdom of Morocco has officially joined the Pan-African Payment and Settlement System (PAPSS), becoming the 17th country to integrate into the fast-growing continental payment infrastructure.
This strategic move was formalised with the signing of the PAPSS membership agreement by Morocco’s central bank, Bank Al-Maghrib, marking a significant milestone in the country’s commitment to fostering intra-African trade and financial cooperation.
Monetary Independence
Morocco’s inclusion in PAPSS reinforces the continent’s overarching vision for economic unity and monetary independence under the African Continental Free Trade Area (AfCFTA).
By joining this transformative initiative, the country signals its readiness to play a more active role in the realisation of Africa’s single market aspirations.
PAPSS, an initiative spearheaded by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU)and the AfCFTA Secretariat, serves as a revolutionary platform that enables real-time, secure, and cost-effective cross-border payments in local African currencies.
The system eliminates the need for third-party currencies such as the US dollar or the euro in intra-African trade, which traditionally resulted in delays, high transaction costs, and heavy dependence on foreign exchange markets.
By onboarding Bank Al-Maghrib, PAPSS extends its reach further into North Africa, advancing its core mission to connect African central banks and promote seamless monetary flows, efficient cross-border trade, and direct investment across the continent.
Commenting on the development, Mike Ogbalu III CEO of PAPSS, celebrated Morocco’s accession as a testament to the platform’s growing credibility and strategic relevance.
“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,” Ogbalu stated.
“With more countries joining, we are taking significant strides toward a truly unified African market—lowering transaction costs and empowering businesses and individuals across the continent.”
The system’s rapid expansion is evident, with PAPSS now operational in 17 countries connecting over 150 commercial banks and 14 regional switches.
Financial Integration
As a centralised financial infrastructure, PAPSS is designed to facilitate the smooth and secure transfer of funds across African borders, helping to reduce systemic risks and drive the financial integration of regional markets.
Through strategic collaboration with African central banks, PAPSS provides interoperable payment and settlement solutions tailored for commercial banks, licensed payment service providers (including switches, fintech firms, aggregators, and others), and ultimately, everyday users.
To date, PAPSS has launched three innovative payment solutions.
PAPSS Instant Payment System (IPS) and PAPSS African Currency Marketplace (PACM).
PAPSSCARD was officially introduced during the recent Afreximbank Annual General Meeting held in Abuja, Nigeria.
The roots of PAPSS trace back to its announcement at the 12th Extraordinary Summit of the African Union, held on July 7, 2019, in Niamey, Niger.
The AU adopted the system as a key instrument for implementing the AfCFTA.
Further political endorsement followed at the 13th Extraordinary AU Assembly in December 2020, which instructed Afreximbank and the AfCFTA Secretariat to finalise and operationalise PAPSS.
Its official public launch took place on January 13, 2022, in Accra, Ghana.
Before PAPSS, African businesses were largely reliant on international currencies such as the US dollar and British pound to process intra-continental trade transactions.
This practice not only exposed economies to external financial volatility but also created bottlenecks—especially for small and medium-sized enterprises (SMEs)—due to foreign exchange constraints and high transaction fees.
PAPSS now stands as a vital tool in Africa’s financial architecture, promising to unlock economic potential, boost competitiveness, and enhance the continent’s resilience by localising payment systems.
Morocco’s integration into this network reflects a growing pan-African consensus that harmonised payment infrastructure is indispensable to achieving true economic sovereignty.
As the PAPSS network continues to expand, the vision of a fully integrated, self-sustaining African economy draws ever closer to reality.
