Morocco Joins PAPSS to Advance Real-Time Cross-Border Payments in Africa
As a result, Morocco becomes the 17th country of presence, further solidifying the continent’s commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA).
The Pan-African Payment and Settlement System (PAPSS) is pleased to announce the entry of the Kingdom of Morocco into its growing network, with Bank Al-Maghrib officially signing the PAPSS membership agreement. As a result, Morocco becomes the 17th country of presence, further solidifying the continent’s commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA).
Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies. By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent.
Mike Ogbalu III, Chief Executive Officer of PAPSS, lauded this latest milestone, stating: “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.”
With Morocco’s addition, PAPSS is now present across seventeen countries, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa.
