By Esther Ososanya
In a decisive move toward building a truly unified African financial market, the Kingdom of Morocco has joined the Pan-African Payment and Settlement System (PAPSS), becoming the 17th country to formally integrate into the pioneering platform.
With Bank Al-Maghrib, the Moroccan central bank, officially signing the PAPSS membership agreement, the development marks a significant leap in Africa’s efforts to eliminate currency conversion bottlenecks and boost intra-continental trade.
This expansion, coming under the broader framework of the African Continental Free Trade Area (AfCFTA), reinforces the continent’s resolve to de-dollarise trade transactions, simplify cross-border payments, and promote the use of local currencies for commerce between African nations.
“Morocco’s entry as our seventeenth country of presence demonstrates the growing momentum and trust in PAPSS as the solution for Africa’s cross-border payment challenges,” said Mike Ogbalu III, Chief Executive Officer of PAPSS.
A Milestone in African Financial Independence
Conceived by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, PAPSS is Africa’s answer to the continent’s long-standing reliance on external currencies such as the US dollar or euro for intra-African trade. The platform enables instant, secure, and cost-effective payments between African countries in their respective national currencies, reducing transaction costs, delays, and capital flight.
With Morocco joining, PAPSS now integrates 17 African countries, over 150 commercial banks, and 14 national payment switches into a single continental payment ecosystem, arguably one of the most transformative steps toward financial sovereignty since the launch of the AfCFTA.
From Vision to Implementation
Though announced in 2019 at the African Union Summit in Niamey, Niger, PAPSS only became operational in 2022 after a directive from the 35th AU Assembly. Since then, the system has launched three core products: the PAPSS Instant Payment System (IPS), the PAPSS African Currency Marketplace (PACM), and PAPSSCARD, with each providing new layers of accessibility, speed, and security in financial transactions across borders.
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By working directly with African central banks, PAPSS ensures compliance, oversight, and interoperability between commercial banks and payment service providers, including fintechs, mobile money operators, and aggregators.
More Than Payments: A Tool for African Prosperity
Morocco’s entry sends a strong political and economic message. It signals confidence in PAPSS as not only a technical tool but also as a diplomatic instrument for fostering African unity, economic integration, and prosperity.
Experts believe that a seamless financial transaction system like PAPSS is vital to unlocking the full potential of AfCFTA, which aims to create a single market of over 1.4 billion people with a combined GDP of over $3.4 trillion.
As PAPSS continues to expand its network, the dream of a single African financial space where a Nigerian trader can pay a Moroccan supplier in naira and the supplier receives dirhams in real-time is no longer just a vision but a working reality.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.