PAPSS Adds Six Central African Nations, Now Covers 28 African Central Banks
PAPSS has onboarded the six central banks of the CEMAC zone through the BEAC, bringing the pan-African instant payment system's total coverage to 28 African central banks. The expansion materially advances PAPSS's goal of continent-wide cross-border payment interoperability.
PAPSS: the dollar detour finally has a real bypass
A business owner in Douala paying a supplier in Lagos currently has no direct route. The CFA franc and the naira don't talk to each other cheaply, so the money flies to a European or American correspondent bank and back — burning 5–8% in fees and two days in transit.
BEAC joining as a single entry point for all six CEMAC countries cuts that detour out. One integration, 72 million people inside the system.
The honest caveat: BEAC's governor has already had to urge commercial banks in the region to actually prepare to join. The infrastructure is there; the institutions still have to show up.
3 sources
- PAPSS adds 6 Central African countries, now connects 28 African Central Banks · technext24.com · T2
- La BEAC rejoint le PAPSS et accélère l’intégration des paiements transfrontaliers en Afrique centrale · financialafrik.com · T2
- PAPSS Inches Closer to Continent-Wide Coverage as Central African Central Bank Joins · launchbaseafrica.com · T1