PAPSS transaction volumes up 1,000% as network expands across 30 African countries

The Pan-African Payment and Settlement System (PAPSS) is shifting its focus from building infrastructure to accelerating large-scale payment adoption. Transaction volumes rose approximately 1,000 percent between comparable periods in 2025 and 2026, while the value of those transactions grew by roughly 120 percent. Nigeria contributed significantly to this surge, with volumes climbing 1,100 percent and transaction values rising 125 percent over the same timeframe. The system currently connects 24 national and regional central banks, more than 200 commercial banks or payment service providers, and utilizes 16 payment switches. Its reach extends across more than 30 African countries, including about 10 additional members that joined in 2026. CEO Mike Ogbalu III stated the first phase focused on constructing the necessary network and establishing confidence. He indicated that the next strategic phase begins in 2027 to widen use among banks, fintechs, and businesses while developing high-volume corridors.