PAPSS

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.

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

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

• Cross-border payments
• Payment settlement infrastructure
• Instant payment processing
• Pan-African remittance services
• RTGS connectivity

Headquarters

HQ city

Cairo

HQ country

Egypt

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. 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

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core 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

Named customers11 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature12 records

Partnerships

24 partnerships are on record, tiered core, strategic, major and potential.

• PesalinkcoreTechnology or Integration · 26 February 2026Kenya'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.
• SeamfixstrategicTechnology or Integration · 8 December 2025Seamfix 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.
• InterstellarstrategicTechnology or Integration · 7 July 2025PAPSS 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.
• OnafriqstrategicTechnology or Integration · 24 June 2025Onafriq partnered with PAPSS to launch cross-border payment services in Ghana, facilitating international transactions within the country.
• CARICOM Central BanksmajorStrategic or Co-development Partner · 26 October 2023All 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 GroupmajorStrategic or Co-development Partner · 28 June 2023Access 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 GroupmajorStrategic or Co-development Partner · 28 June 2023Ecobank Group signed MoU with PAPSS for revolutionizing settlement of cross-border transactions. Supports intra-African trade through the PAPSS platform.
• KCB GroupmajorStrategic or Co-development Partner · 28 June 2023KCB 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 GroupmajorStrategic or Co-development Partner · 28 June 2023Standard 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) GroupmajorStrategic or Co-development Partner · 28 June 2023UBA Group signed MoU with PAPSS for revolutionizing settlement of cross-border transactions across Africa.
• African Stock Exchanges Association (ASEA)strategicStrategic or Co-development Partner · 21 April 2023PAPSS 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)coreStrategic or Co-development PartnerThe 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 SecretariatcoreStrategic or Co-development PartnerPAPSS 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 NigeriacoreStrategic or Co-development PartnerThe 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 GhanacoreStrategic or Co-development PartnerBank 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)coreTechnology or IntegrationNIBSS connects Nigerian banks to the PAPSS network as the national switch for Nigeria.
• Ghana Interbank Payment and Settlement Systems (GhIPSS)coreTechnology or IntegrationGhIPSS connects Ghanaian banks to the PAPSS network as the national switch for Ghana, where PAPSS has its highest transaction volume.
• RSwitch (Rwanda)coreTechnology or IntegrationRSwitch connects Rwandan banks to the PAPSS network as the national switch.
• InterswitchstrategicTechnology or IntegrationInterswitch connects its network to PAPSS for cross-border payment services.
• SmartAfricastrategicStrategic or Co-development PartnerSmartAfrica, a pan-African framework for ICT, partnered with PAPSS to advance digital financial integration across Africa.
• Buna (Arab Monetary Fund)strategicStrategic or Co-development PartnerBuna payment system partnered with PAPSS for cross-border payments connectivity in the Arab region.
• COMESAstrategicStrategic or Co-development PartnerCommon Market for Eastern and Southern Africa partnered with PAPSS to enhance regional trade and payments.
• FlutterwavepotentialStrategic or Co-development PartnerFlutterwave 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.
• SecondSTAXpotentialStrategic or Co-development PartnerSecondSTAX 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

Direct 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

• Xx.com/papss_africa
• Facebookfacebook.com/PAPSSAFRICA
• LinkedInlinkedin.com/company/pan-african-payment-settlement-system

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAPSS