The Kingdom of Morocco has joined the Pan-African Payment and Settlement System (PAPSS), becoming the 17th country to integrate into the cross-border payment network. The move follows the official signing of the PAPSS membership agreement by Morocco’s central bank, Bank Al-Maghrib.
PAPSS, developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, allows real-time cross-border payments in local currencies. The system is aimed at strengthening financial integration and facilitating intra-African trade.
“We are delighted to welcome Bank Al-Maghrib to the PAPSS family,” said Mike Ogbalu III, Chief Executive Officer of PAPSS.
“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.”
With Morocco now part of the network, PAPSS operates across 17 countries, connecting over 150 commercial banks and 14 financial switches. The system continues to expand as it pushes forward with its goal of simplifying and accelerating payment flows and investments within Africa.
