African banking groups Access Bank Group (Nigeria), Ecobank Group (Togo), KCB Group (Kenya), Standard Bank Group (South Africa), and UBA Group (Nigeria) and the Pan African Payment and Settlement System (PAPSS) have partnered to improve cross-border payments in Africa.

The MoU signed aims to facilitate the settlement of the Group's cross-border transactions, including the transactions of all their subsidiaries, through PAPSS. The documents were initialed on Monday, June 19, 2023, by the Secretary General of ZLECaf, Wamkele Mene, and the CEO of the Ecobank Group, Mr. Jeremy Awori, at the opening ceremony of the 30th Annual Meeting of Afreximbank (AAM

This collaboration aims to support and revolutionize the settlement of cross-border transactions across Africa, and is part of efforts to improve the efficiency, transparency, and reliability of cross-border transaction settlement in Africa.