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Pan-African payment and settlement system: signature of the BAM-Morocco membership agreement

10/07/2025
Source : ORISHAS FINANCE
Categories: Sectors

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Un communiqué de presse a annoncé l' entrée du Kingdom of Morocco in the rapidly expanding network, to the Pan-African Payment and Settlement System (Papss). Thus, Al-Maghrib Bank officially signed the Papss membership agreement

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Morocco becomes the 17th country with a presence in the Pan-African Payment and Settlement System (PAPSS), as well as more than 150 commercial banks and 14 switches. Its membership reinforces the continent's commitment to financial integration and intra-African trade within the framework of the African Continental Free Trade Area (AfCFTA). According to the statement, by welcoming Bank Al-Maghrib, Papss is continuing its mission of connecting African central banks and facilitating cross-border trade, payment flows and investments across the continent. Papss is set up by the African Export-Import Bank (“Afreximbank”), in partnership with the African Union and the AfCFA Secretariat. It allows cross-border payments in real time, efficient and profitable in local currencies

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According to Mike Ogbalu III, CEO of Papss, “Morocco's accession as the seventeenth country of presence testifies to the growing momentum and the trust placed in Papss as a solution to the challenges associated with cross-border payments in Africa. With more and more countries joining, we are making significant progress towards a truly unified African market, which reduces transaction costs and empowers businesses and individuals across the continent

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