Bank Al-Maghrib has officially joined the Pan-African Payment and Settlement System (PAPSS), becoming the 17th country to adopt the platform.
The announcement was made on July 7, 2025, in Cairo by PAPSS and Afreximbank officials.
PAPSS, developed by Afreximbank in collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, enables real-time, cross-border payments in local currencies. Morocco’s entry aligns with its efforts to strengthen intra-African trade and financial integration under AfCFTA.
Mike Ogbalu III, PAPSS CEO, welcomed the move, stating it demonstrates growing confidence in PAPSS as a solution to Africa’s payment challenges. With Morocco, PAPSS now connects 17 countries, over 150 commercial banks, and 14 clearing houses.
Launched in 2022, PAPSS offers tools like Instant Payment System (IPS), African Currency Marketplace (PACM), and PAPSSCARD. Recognized by the AU in 2019, it is a key instrument for AfCFTA implementation and regional economic integration.
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