Consumer Ecosystems

BEAC joins Pan-African Payment and Settlement System

BEAC joins Pan-African Payment and Settlement System

The Bank of Central African States (BEAC) has officially joined the Pan-African Payment and Settlement System (PAPSS), which aims to enable the efficient flow of money securely across African borders.

As one of only two regional central banks on the continent, BEAC serves the six member countries of the Central African Economic and Monetary Community (CEMAC) – Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad. 

As PAPSS points out, the participation of BEAC significantly strengthens its connectivity with the CEMAC region, a market of more than 72 million people and a strategic gateway linking West, East and Southern Africa. Alongside the pilot phase planned with the Central Bank of West African States (BCEAO), scheduled to commence later this year, PAPSS continue to deploy the payment infrastructure capable of connecting all regions of Africa through a single African network.

PAPSS says it will work closely with BEAC through the end of 2026 to operationalise this membership, integrate financial institutions across the CEMAC region into the system, and facilitate the rollout of PAPSS services to businesses and individuals.

With BEAC joining the network, PAPSS now connects 28 African countries, bringing together more than 190 commercial banks and fintechs, supported by 16 switches. Through its extended network partners, PAPSS participants are also able to send money to more than 250 additional financial institutions.

Developed by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS enables instant cross-border payments in local African currencies, allowing funds to move across African markets within seconds without relying on third-party currencies or external intermediaries.

For banks and fintechs, PAPSS says it creates opportunities to extend services beyond national borders. For businesses, it means faster transactions, lower costs and improved access to regional markets. For individuals, it provides a more efficient and affordable way to send and receive money across Africa. More broadly, it strengthens Africa’s financial sovereignty by enabling payments to be processed and settled on the continent.



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