The Bank of Algeria has joined the Pan-African Payment and Settlement System (PAPSS), becoming the 18th country to participate in the initiative led by the Africa Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
The move, announced as Algeria prepares to host the Intra-African Trade Fair 2025 (IATF2025) from September 4–10 in Algiers, is expected to bolster cross-border payments and strengthen the regulatory framework supporting intra-African trade. The trade fair is projected to attract more than 35,000 participants from over 140 countries, offering a major platform for investment and AfCFTA’s integration goals.
“We are delighted to welcome the Bank of Algeria to the PAPSS network,” said Mike Ogbalu III, Chief Executive Officer of PAPSS.
“Algeria’s entry not only strengthens our presence in North Africa but also demonstrates the continent’s rising confidence in our system as the engine for Africa’s payment transformation. So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 1000% through digital channels integration. As our network grows, we’re making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.”
“In support of Algeria’s commitment to contribute to accelerating African economic integration, the Bank of Algeria has joined the Pan-African Payments and Settlement System (PAPSS),” said Mohamed Benbahane, Deputy Governor of Bank of Algeria. “This membership, which aims in particular to improve payment efficiency and facilitate intra-African trade, represents an essential lever for strengthening Algeria’s role within the African financial ecosystem and supporting sustainable economic development in Africa.”
Launched in West Africa in 2022, PAPSS now links 18 countries across four regions, more than 150 commercial banks, and 14 switches. The network has recently expanded in North Africa with the addition of Tunisia, Egypt, Morocco, and now Algeria, reflecting growing trust in the system as a catalyst for payment innovation across the continent.
