PAPSS Transaction Volumes Surge 1,000% as African Payment Network Expands

By Mintesinot Nigussie  |  September 14, 2026

Transaction volumes on Africa’s Pan-African Payment and Settlement System surged by about 1,000 per cent over comparable periods in 2025 and 2026, as the continental payment network prepares to shift its focus from expansion to driving wider adoption.

Transaction values rose by about 120 per cent over the same period, according to Mike Ogbalu III, chief executive of PAPSS, who said the network had reached more than 30 African countries across the continent’s five regions.

Nigeria, one of the system’s largest markets, recorded an approximately 1,100 per cent increase in transaction volumes and a 125 per cent rise in transaction values during the period, Ogbalu said at a media briefing in Lagos.

The rapid increase in usage comes as PAPSS moves into a new phase of its strategy from 2027, with greater emphasis on bringing existing infrastructure into wider commercial use rather than concentrating primarily on expanding its network.

"The first phase of PAPSS has been about building, connecting and establishing trust," Ogbalu said. "As we move into our next phase from 2027, our focus will increasingly shift towards activating that network, deepening adoption and taking transaction growth to scale."

PAPSS now connects 24 national and regional central banks, more than 200 commercial banks and payment service providers, and 16 switches. Through partnerships, its termination footprint extends to more than 300 financial institutions.

About 10 additional countries joined the PAPSS ecosystem during 2026, with further additions expected before the end of the year.

The system is designed to facilitate cross-border payments through participating financial institutions, including transactions in African currencies. PAPSS aims to reduce the dependence on third-party currencies and payment channels that can add cost and time to transactions between African markets.

PAPSS data show that transactions processed through the system can reduce costs by between 92 and 95 per cent per transaction, while processing times have fallen by 99.99 per cent. The system can also reduce foreign exchange requirements by as much as 80 per cent, according to the company.

Ogbalu said the next stage would focus on increasing usage through banks, fintech companies, switches and other financial institutions, with the aim of making PAPSS services more accessible to businesses and individuals.

"The next opportunity is to make these benefits available at much greater scale by working more closely with banks, fintechs, switches and other partners to bring PAPSS into the channels businesses and individuals use every day," he said.

PAPSS currently offers three main products: the PAPSS Instant Payment System, the PAPSS African Currency Marketplace and PAPSSCARD. The company is also piloting additional products that it expects to announce later in 2026.

The expansion of PAPSS comes as African countries seek to reduce barriers to intra-African trade and strengthen payment links under the African Continental Free Trade Area.

The system’s next phase will include efforts to deepen market adoption, increase customer awareness and develop priority payment corridors across the continent.

PAPSS will discuss its expansion and next-stage strategy at its annual payments conference, PAPSS COWRY 2026, scheduled for November 26 and 27 in Addis Ababa. The conference will be co-hosted by PAPSS and the National Bank of Ethiopia.

"We have built the network, we have demonstrated the impact, and we are seeing usage accelerate," Ogbalu said. "Our next phase is about taking all three to scale and ensuring that payments increasingly enable, rather than limit, the ability of African businesses and individuals to participate in opportunities across the continent."

Source: FSX Business News