The Bank of Central African States (BEAC) has officially joined the Pan-African Payment and Settlement System (PAPSS), an initiative designed to facilitate cross-border transactions between the countries of the Central African Economic and Monetary Community (CEMAC) and the rest of the continent.
BEAC’s membership in the PAPSS system strengthens Central Africa’s financial integration within a pan-African payment infrastructure.
BEAC, which comprises the six CEMAC member states – Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea, and Chad – becomes a strategic partner of PAPSS in the region.
With the addition of the regional central bank, PAPSS now covers 28 African countries, 16 payment systems, and more than 190 commercial banks and fintech companies.
The platform also enables connections with over 250 other financial institutions through its partners.
For the BEAC, this integration should help accelerate trade in Africa by offering faster, more accessible, and less expensive payments.
The CEMAC zone, with its more than 72 million inhabitants, is a major economic crossroads between West, East, and Southern Africa.
“By joining the PAPSS, the BEAC is creating the conditions necessary for faster, more affordable, and more efficient cross-border payments between CEMAC countries and the rest of Africa,” said Yvon Sana Bangui, Governor of the BEAC and President of the African Central Banks Association.
The Director General of the PAPSS, Mike Ogbalu III, believes that this membership opens new trade and financial corridors between Central Africa and other regions of the continent. Created by Afreximbank in partnership with the African Union and the Secretariat of the African Continental Free Trade Area, the PAPSS enables instant cross-border payments in African currencies, reducing dependence on foreign currencies and international intermediaries.
The operational implementation of the BEAC’s integration into the PAPSS is planned by the end of 2026, with the gradual arrival of CEMAC banks and financial institutions on the platform.
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