Bank Al-Maghrib joins PAPSS, making Morocco 17th member

Barbara Bako, Abuja.

Morocco has formally joined the Pan-African Payment and Settlement System (PAPSS), becoming the 17th country to adopt the African cross-border payment infrastructure...

According to a statement from African Export-Import Bank (Afreximbank) on Monday in Abuja, the agreement signed by Bank Al-Maghrib, marks a key step toward deeper financial integration across Africa under the African Continental Free Trade Area (AfCFTA).

Developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, PAPSS enables real-time cross-border transactions in local currencies, significantly reducing costs and delays in intra-African trade.

Welcoming Morocco’s participation, PAPSS CEO Mike Ogbalu III said the expansion reflects growing confidence in the system’s potential to transform trade and investment flows on the continent.

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Ogbalu said, “We are delighted to welcome Bank Al-Maghrib to the PAPSS family. 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. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent.”

PAPSS now operates in 17 African countries, working with over 150 commercial banks and 14 payment switches.

The system is designed to eliminate the dependence on third-party currencies in intra-African trade, enabling central banks, commercial banks, fintechs, and licensed payment providers to process transactions efficiently and securely.

Launched in January 2022 in Accra, Ghana, PAPSS has been endorsed by several African Union summits as a strategic tool for implementing the AfCFTA.

It currently offers three core services: an Instant Payment System (IPS), the PAPSS African Currency Marketplace (PACM), and the PAPSSCARD.

With Morocco’s inclusion, PAPSS continues to widen its footprint, fostering an interconnected financial ecosystem that supports the continent’s goal of a single, seamless market.