Morocco’s central bank, Bank Al-Maghrib, has officially joined the Pan-African Payment and Settlement System, better known as PAPSS. With this move, Morocco becomes the 17th country to take part in the rapidly expanding network, which plays a key role in advancing Africa’s push for deeper financial integration under the African Continental Free Trade Area.
Launched by the African Export-Import Bank in partnership with the African Union and the secretariat of the free trade zone, PAPSS allows for real-time cross-border payments in local currencies. Morocco’s inclusion strengthens this growing ecosystem by adding another central bank to the roster of African financial institutions already connected to the platform. The broader aim is to streamline trade, investment, and financial flows across the continent, making it easier and faster for businesses and governments to transact without relying on foreign currencies.
Mike Ogbalu III, CEO of PAPSS, welcomed Morocco’s entry, calling it a sign of the continent’s growing commitment to finding practical solutions for the long-standing challenges of cross-border payments. He stressed that as more countries come on board, Africa moves closer to building a unified financial market, where the costs of transactions are reduced and local businesses and citizens are empowered to participate more fully in intra-African commerce.
With Morocco now in the fold, PAPSS connects 17 countries, more than 150 commercial banks, and 14 financial switches. The system continues to grow steadily, reinforcing its position as a cornerstone of Africa’s evolving financial landscape and a catalyst for transforming how money moves across borders.
