The Bank of Central African States (BEAC) has officially entered the Pan-African Payment and Settlement System (PAPSS). The announcement came Thursday from Cairo. BEAC brings the six-nation CEMAC bloc into the instant cross-border payment network. CEMAC includes Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea, and Chad. The zone counts more than 72 million people.
PAPSS now reaches 28 African countries. The system connects over 190 commercial banks and fintechs. Partner arrangements extend services to 250 additional financial institutions.
Afreximbank designed the platform alongside the African Union and AfCFTA secretariat.
The system settles cross-border transactions in local currencies within seconds. Consequently, businesses bypass the dollar, euro, and costly correspondent banking relationships.
BEAC Governor Yvon Sana Bangui welcomed the development. Bangui called on CEMAC financial institutions to prepare for integration. He stressed that trade integration requires active financial sector participation.
The timing proves significant. PAPSS plans a pilot with West Africa’s BCEAO later this year. The initiative could link both CFA franc zones under one network. PAPSS Chief Executive Mike Ogbalu III hailed BEAC’s membership as a milestone for financial integration.
Commercial banks and fintechs can now extend services without foreign correspondent accounts. Companies gain faster settlement and lower transaction costs. Individuals benefit from cheaper remittances and everyday transfers.
Execution remains critical. CEMAC exports most commodities to Europe and Asia. Local-currency settlement depends on liquid foreign exchange markets that many countries still lack. PAPSS and BEAC will spend the remainder of 2026 operationalizing the membership.
