The Financial institution of Algeria has turn out to be the newest monetary organisation to affix the Pan-African Fee and Settlement System (PAPSS) launched by African Export-Import Financial institution (Afreximbank) (www.Afreximbank.com) in collaboration with the African Union Fee (AUC) and the African Continental Free Commerce Space (AfCFTA) Secretariat.
Algeria now turns into the 18th nation of presence for PAPSS, marking a major step in advancing Africa’s journey in direction of deeper monetary integration. This growth is anticipated to additional assist cross-border funds and improve the regulatory framework governing intra-African commerce.
Algeria’s accession to PAPSS comes at a second when the nation prepares to host the Intra-African Commerce Honest 2025 (IATF2025) from 4 – 10 September 2025 in Algiers. This premier occasion, one other flagship initiative of Afreximbank, is projected to carry collectively over 35,000 individuals from greater than 140 international locations, creating an unrivalled platform for enterprise, funding, and the realisation of the AfCFTA imaginative and prescient.
Mike Ogbalu III, chief govt officer of PAPSS, celebrated this landmark occasion, stating: “We’re delighted to welcome the Financial institution of Algeria to the PAPSS community. Algeria’s entry not solely strengthens our presence in North Africa but additionally demonstrates the continent’s rising confidence in our system because the engine for Africa’s cost transformation.
“To date, PAPSS has lowered intra-Africa cross-border transaction prices amongst taking part international locations and enabled financial savings of as much as 27 per cent for finish customers, whereas serving to banks expertise transaction quantity surges of over 1000 per cent by way of digital channels integration. As our community grows, we’re making African funds sooner, extra reasonably priced, and accessible, catalysing financial progress and unlocking new alternatives for companies and communities throughout Africa.”
Mohamed Benbahane, deputy governor of Financial institution of Algeria, remarked: “In assist of Algeria’s dedication to contribute to accelerating African financial integration, the Financial institution of Algeria has joined the Pan-African Funds and Settlement System (PAPSS). This membership, which goals particularly to enhance cost effectivity and facilitate intra-African commerce, represents a vital lever for strengthening Algeria’s position throughout the African monetary ecosystem and supporting sustainable financial growth in Africa.”
Since its debut in West Africa in 2022, PAPSS has quickly expanded its attain, with important momentum in Northern Africa, with Tunisia, Egypt, Morocco, and now Algeria on board. As we speak, PAPSS connects 18 international locations throughout 4 African areas, greater than 150 industrial banks, and 14 switches, proof of rising belief in an answer that’s revolutionising how cash strikes inside Africa and past.
