Central African Apex bank joins Africa’s cross-border payment network to boost regional trade

The Bank of Central African States, BEAC, has joined the Pan African Payment and Settlement System, PAPSS, in a move expected to make cross-border payments faster, cheaper, and easier across Central Africa while strengthening trade under the African Continental Free Trade Area.

The development brings the six member countries of the Central African Economic and Monetary Community, CEMAC, into Africa’s growing instant payment network. They are Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea and Chad.

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With BEAC’s entry, PAPSS now connects 28 African countries, linking more than 190 commercial banks and fintech companies through 16 payment switches. The expansion is expected to reduce reliance on foreign currencies for intra-African payments and improve the flow of trade across the continent.

Developed by the African Export-Import Bank (Afreximbank), in partnership with the African Union and the African Continental Free Trade Area Secretariat, PAPSS allows businesses and individuals to make instant cross-border payments in their local currencies, removing the need for costly currency conversions through overseas banks.

Speaking on the development, Yvon Sana Bangui, Governor of the Bank of Central African States and Chair of the Association of African Central Banks, said the move would help deepen regional integration.
“By joining PAPSS, BEAC is creating the conditions for faster, more affordable and more efficient cross-border payments between the CEMAC countries and Africa,” Bangui said.

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The move is expected to support businesses by reducing transaction costs, shortening payment times and improving access to regional markets. It also advances Africa’s broader goal of increasing trade within the continent, which remains among the lowest of any region in the world.

The expansion comes as African governments and financial institutions push to build payment infrastructure that supports the implementation of the African Continental Free Trade Area, which aims to create a single market for goods and services across the continent.

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As part of the rollout, BEAC and the Central Bank of West African States, BCEAO, are expected to begin a pilot phase later this year. The initiative will test seamless payment transactions between the Central African and West African monetary zones, laying the foundation for wider financial integration across the region.

The latest milestone strengthens PAPSS’ position as one of Africa’s key financial infrastructure projects, designed to make it easier for African businesses to trade with one another while reducing dependence on payment systems outside the continent.