PAPSS Expands Cross-Border Payments with 160 Banks

Africa’s cross-border payments face a local currency bottleneck, as faster payment rails reveal insufficient liquidity in the required currencies. The Pan-African Payment and Settlement System (PAPSS) and Kenya’s Pesalink reported over 80 Pesalink participants linked to more than 160 banks on the PAPSS network, enabling 24/7 cross-border payments in local currencies.

PAPSS and Pesalink’s current connectivity allows 24/7 cross-border payments in local currencies, but the system requires sufficient liquidity in the right currencies to settle transactions. The 80 Pesalink participants connected to 160 banks on PAPSS demonstrate the scale of cross-border payment infrastructure, though the 7-day settlement cycle remains a challenge for timely currency availability.