PAPSS
PAPSS is a private Afreximbank-built financial market infrastructure that enables instant, 24/7 cross-border payments in local currencies across Africa, connecting central banks, commercial banks, PSPs and fintechs across 18+ countries via ISO 20022 messaging and a unified settlement network.
- Company typePrivate
- Founded2022
- HeadquartersCairo, Egypt
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What PAPSS does
PAPSS (Pan-African Payment & Settlement System), headquartered in Cairo, Egypt, is a private cross-border financial market infrastructure developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission and the AfCFTA Secretariat. The platform enables instant and near-instant (within 120 seconds, 24/7/365) cross-border payments in local African currencies, replacing multi-day correspondent banking chains with a coordinated real-time gross settlement architecture anchored by participating central banks.
Its core product, the PAPSS Instant Payment System (PIP™), uses ISO 20022 messaging and integrates directly with central bank RTGS systems via API. Direct Participants pre-fund clearing accounts at their central banks; Indirect Participants connect via sponsorship. PAPSS runs a daily net settlement at 11:00 UTC across all participating central banks, with hard-currency settlement coordinated through Afreximbank. The platform extends beyond interbank rails into overlay services — Request to Pay (R2P), Escrow, Remittance, Proxy Addressing, and Sanctions Screening — and in 2025 launched PAPSSCARD (Africa's first Pan-African card scheme) and the PAPSS African Currency Marketplace (PACM) with Interstellar.
PAPSS commercializes through transaction-based fees on processed cross-border payments, with participants managing billing through a portal. Go-to-market is a structured, multi-tier enterprise motion: central banks are engaged first as settlement agents, then commercial banks and PSPs/fintechs are onboarded as Direct or Indirect Participants, supported by technical connectivity providers (e.g., Pesalink), national switches (NIBSS, GhIPSS, RSwitch), and MoU-based multinational banking group partnerships (Access, Ecobank, KCB, Standard Bank, UBA). Customer segments span central banks, commercial banks, PSPs/fintechs, corporates/SMEs, and individuals, with 160+ banks and fintechs across 18+ African countries plus all 11 CARICOM central banks as of the latest disclosed footprint.
PAPSS firmographics
Firmographics- Name
- PAPSS
- Legal name
- Pan-African Payment & Settlement System
- Website
- https://papss.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- PAPSS is a private Afreximbank-built financial market infrastructure that enables instant, 24/7 cross-border payments in local currencies across Africa, connecting central banks, commercial banks, PSPs and fintechs across 18+ countries via ISO 20022 messaging and a unified settlement network.
- Ownership category
- akta.pro rank
PAPSS industry classification
Industry- Product category
- Cross-Border Payment & Settlement Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- CCP Settlement & Payment Infrastructure Services (FSAFAFAL)
- akta.pro secondary industries
- Cross-Asset / Multi-Product CCPs (FSAFAFAG), Central Counterparty (CCP) Clearing Services (FSABAJAE)
Keywords
Where PAPSS is headquartered
LocationHeadquarters
- HQ city
- Cairo
- HQ country
- Egypt
- HQ region
- Africa
Offices1 record
Markets served
PAPSS business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Transaction Processing Fees: PAPSS charges transaction fees for processing cross-border payments through its instant payment system. Participants fund pre-funded accounts and pay fees for each transaction processed. The platform supports real-time payments with settlement within 24 hours.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Transaction-based pricing for cross-border payment processing |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels4 records
PAPSS product offering
Product offeringCore offering
PAPSS operates the PAPSS Instant Payment System (PIP™), a cross-border financial market infrastructure that enables instant and near-instant (within 120 seconds) payments between originators and beneficiaries in different African countries, settled in local currencies. The platform connects central banks, commercial banks, payment service providers and fintechs via API and ISO 20022 messaging, replacing traditional multi-day correspondent banking with real-time local-currency settlement. It also offers overlay services (Request to Pay, Escrow, Remittance, Proxy Addressing, Sanctions Screening) and complementary products including the PAPSS African Currency Marketplace (PACM) and PAPSSCARD.
Product overview
PAPSS (Pan-African Payment and Settlement System) is a cross-border financial market infrastructure enabling instant and secure payment transactions across Africa. The core offering is the PAPSS Instant Payment System (PIP™), which supports wholesale and retail real-time payments. PAPSS offers overlay services including Request to Pay (R2P), Escrow Service, Remittance Service, Proxy Addressing, and Sanctions Screening. The system has expanded to include the PAPSS African Currency Marketplace (PACM) for FX access and PAPSSCARD as Africa's first Pan-African card scheme. Settlement is facilitated through either the Central Bank Settlement Model (SSA-1) or Commercial Bank Settlement Model (SSA-3).
Differentiator
Problem solved
Functional benefit
Brands
- PAPSS Instant Payment System (PIP™): Core instant payment system supporting wholesale and retail real-time payments and connectivity of banks and payment service providers.
- PAPSSCARD
- PAPSS African Currency Marketplace (PACM)
Products and services
- PAPSS Instant Payment System (PIP™)
- Request to Pay (R2P)
- Escrow Service
- Remittance Service
- Proxy Addressing
- Sanctions Screening
- PAPSSCARD - Pan-African Card Scheme
- PAPSS African Currency Marketplace (PACM)
Quantifiable outcome
- Reduces cross-border payment costs from 7-8% to potentially below global average of 6-7%
- +4 more outcomes
Companies that use PAPSS
Customer profileNamed customers11 records
Segments5 records
Ideal customer profiles3 records
PAPSS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Feature12 records
PAPSS partnerships and signals
Strategic signalPartnerships
24 partnerships are on record, tiered core, strategic, major and potential.
- PesalinkcoreKenya's instant payment network partnered with PAPSS as Technical Connectivity Provider. Connects 80+ Kenyan banks, fintechs, SACCOs, and telco participants to 160+ commercial banks and fintechs on the PAPSS platform for instant 24/7 cross-border payments in local currencies.
- SeamfixstrategicSeamfix and PAPSS partnered to develop and deploy PGATE, a compliance engine for Africa's cross-border payments market. The solution links identity data, payment behavior, and regulatory checks in real-time to enhance regulatory oversight and facilitate intra-African trade under AfCFTA.
- InterstellarstrategicPAPSS and Interstellar unveiled the PAPSS African Currency Marketplace (PACM) to eliminate a $5 billion trade bottleneck. The launch was announced on sidelines of IATF 2025, providing better currency exchange options for intra-African trade.
- OnafriqstrategicOnafriq partnered with PAPSS to launch cross-border payment services in Ghana, facilitating international transactions within the country.
- CARICOM Central BanksmajorAll eleven CARICOM Central Banks adopted PAPSS for intra-regional trade transactions, marking a historic endorsement from Caribbean region governors and expanding PAPSS beyond Africa.
- Access Bank GroupmajorAccess Bank Group signed MoU with PAPSS as part of five African multinational commercial banking groups embracing the new settlement model. Access Bank was recognized as Best Trade Finance Provider in 2020 and Best FX Services Provider in Africa in 2021.
- Ecobank GroupmajorEcobank Group signed MoU with PAPSS for revolutionizing settlement of cross-border transactions. Supports intra-African trade through the PAPSS platform.
- KCB GroupmajorKCB Group signed MoU with PAPSS. Together with Bank of Kigali, KCB Group launched PAPSS enabling seamless and affordable cross-border payments across Africa.
- Standard Bank GroupmajorStandard Bank Group signed MoU with PAPSS as part of five African multinational commercial banking groups embracing the new settlement model.
- United Bank for Africa (UBA) GroupmajorUBA Group signed MoU with PAPSS for revolutionizing settlement of cross-border transactions across Africa.
- African Stock Exchanges Association (ASEA)strategicPAPSS and ASEA signed MoU to enhance collaboration in promoting cross-border payments of Capital Markets infrastructure in Africa, enabling cross-border financial transactions for stock exchanges.
- African Union Commission (AUC)coreThe African Union Commission partnered with Afreximbank to develop PAPSS as part of Africa's financial integration agenda. AUC provides institutional support and alignment with continental development goals.
- AfCFTA SecretariatcorePAPSS was developed to support the implementation of the African Continental Free Trade Area (AfCFTA) by enabling fast and secure payments in national currencies. The AfCFTA Secretariat is a non-voting member of the PAPSS Governing Council.
- Central Bank of NigeriacoreThe Central Bank of Nigeria participates in PAPSS as a Direct Participant and settlement agent. Governor Olayemi Cardoso is a member of the PAPSS Governing Council.
- Bank of GhanacoreBank of Ghana participates as a Direct Participant. Ghana is the highest performing country on PAPSS. Governor Johnson Asiamah serves on the PAPSS Governing Council.
- NIBSS (Nigeria Interbank Settlement Scheme)coreNIBSS connects Nigerian banks to the PAPSS network as the national switch for Nigeria.
- Ghana Interbank Payment and Settlement Systems (GhIPSS)coreGhIPSS connects Ghanaian banks to the PAPSS network as the national switch for Ghana, where PAPSS has its highest transaction volume.
- RSwitch (Rwanda)coreRSwitch connects Rwandan banks to the PAPSS network as the national switch.
- InterswitchstrategicInterswitch connects its network to PAPSS for cross-border payment services.
- SmartAfricastrategicSmartAfrica, a pan-African framework for ICT, partnered with PAPSS to advance digital financial integration across Africa.
- Buna (Arab Monetary Fund)strategicBuna payment system partnered with PAPSS for cross-border payments connectivity in the Arab region.
- COMESAstrategicCommon Market for Eastern and Southern Africa partnered with PAPSS to enhance regional trade and payments.
- FlutterwavepotentialFlutterwave is mentioned in a proposal by DS Consortium to integrate three African FinTech platforms (PAPSS, Flutterwave, and SecondSTAX) into a unified payment-market-settlement stack to redirect diaspora remittances toward AI infrastructure.
- SecondSTAXpotentialSecondSTAX is connected to three African exchanges and is part of a proposal to integrate three African FinTech platforms (PAPSS, Flutterwave, and SecondSTAX) into a unified payment-market-settlement stack.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
PAPSS competitors and assessment
Company assessmentDirect peers
- Flutterwave: African fintech providing payment infrastructure across 30+ African countries, with cross-border capabilities and remittance corridors. Identified in PAPSS-related consortium proposals to unify diaspora remittance flows; competes for the same enterprise cross-border payment volume.
- Interswitch: Nigeria-headquartered pan-African digital payments and commerce company operating Verve (cards), Quickteller, and payment switches across multiple African countries. Comparable as a peer/partner that integrates with PAPSS while also competing for cross-border transaction routing and card-based payment volumes.
- Ripple (RippleNet): Blockchain-based cross-border settlement network used by banks and payment providers globally for instant cross-border transfers. Competes head-to-head with PAPSS's core value proposition of fast, low-cost cross-border settlement, particularly for banks seeking USD/EUR corridors out of Africa.
- Onafriq: Pan-African cross-border mobile money and payment network (formerly MFS Africa), connecting 500+ million wallets across 40+ African countries. Direct peer to PAPSS for cross-border retail and remittance flows, and is also a PAPSS technology partner — illustrating the competitive/collaborative overlap in African payment infrastructure.
- PesaLink: Kenya's real-time retail interbank payment switch connecting 80+ Kenyan banks, fintechs, SACCOs and telcos — currently PAPSS's Technical Connectivity Provider for Kenya but is itself a comparable national-scale real-time payment rail Africa-wide.
- Buna (Arab Monetary Fund): Multi-currency cross-border payment system launched by the Arab Monetary Fund to connect Arab-region central and commercial banks. Direct counterpart to PAPSS's mission in the Arab region and a signed connectivity partner of PAPSS.
Broad incumbents
- Visa Direct: Visa's real-time push payments network for cross-border P2P, B2B, and disbursements across 200+ countries. Competes with PAPSS for cross-border payment share through card rails and bank partnerships (e.g., PAPSSCARD will need to position against Visa's existing African footprint).
- SWIFT gpi: Global cross-border payment messaging standard adopted by 11,000+ institutions with same-day tracking and faster settlement. The dominant incumbent whose multi-day, multi-hop correspondent flows PAPSS explicitly aims to disintermediate for intra-African flows.
Emerging players
- M-Pesa (Vodacom / Safaricom): East Africa's dominant mobile money platform, expanding cross-border into Ethiopia, Tanzania, and via M-Pesa Africa. A major potential originator/beneficiary on PAPSS for retail cross-border flows, and competitive threat where mobile money + telco combinations bypass bank-routed settlement.
- WorldRemit / Sendwave: Cross-border remittance platforms focused on diaspora-to-Africa corridors. Compete for the same intra-African and inbound remittance flows that PAPSS's Remittance overlay service targets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
PAPSS social profiles
Digital presencePAPSS compliance and trust
Trust signalCompliance2 records
PAPSS financial estimates
Financial estimateRevenue estimate
Valuation estimate
PAPSS leadership team
Management profileNumber of profiles
Profiles11 records
PAPSS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PAPSS M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PAPSS
What does PAPSS do?
PAPSS operates the PAPSS Instant Payment System (PIP™), a cross-border financial market infrastructure that enables instant and near-instant (within 120 seconds) payments between originators and beneficiaries in different African countries, settled in local currencies. The platform connects central banks, commercial banks, payment service providers and fintechs via API and ISO 20022 messaging, replacing traditional multi-day correspondent banking with real-time local-currency settlement. It also offers overlay services (Request to Pay, Escrow, Remittance, Proxy Addressing, Sanctions Screening) and complementary products including the PAPSS African Currency Marketplace (PACM) and PAPSSCARD.
Is PAPSS a public or private company?
PAPSS is a private company. It is classified as corporate owned and is currently operating.
When was PAPSS founded?
PAPSS was founded in 2022. It employs 51 to 100 people.
Where is PAPSS based?
PAPSS is headquartered in Cairo, Egypt, in the Africa region.
How does PAPSS make money?
One revenue line is on record: transaction Processing Fees.
Who are PAPSS's main competitors?
Direct peers on record are Flutterwave, Interswitch, Ripple (RippleNet), Onafriq, PesaLink and Buna (Arab Monetary Fund). Broad incumbents are Visa Direct and SWIFT gpi. Emerging players are M-Pesa (Vodacom / Safaricom) and WorldRemit / Sendwave.
Does PAPSS have an API?
Yes. PAPSS offers API capability for participants enabling integration with the platform. The system uses ISO 20022 global message standard allowing interoperability, large data sets, and rich data for payment and remittance information. Participants connect via API for processing transactions, accessing analytical information for management reporting, and enabling cross-border payment capabilities. Developer documentation is at support.papss.com/en/support/home.
What industry is PAPSS in?
PAPSS's product category is Cross-Border Payment & Settlement Infrastructure. Its primary akta.pro industry code is FSAFAFAL, CCP Settlement & Payment Infrastructure Services, with a secondary code of FSAFAFAG, Cross-Asset / Multi-Product CCPs. Its NAICS code is 522320.