On August 15, 2025, the African Export–Import Bank (Afreximbank) announced that the Bank of Algeria has joined the Pan-African Payment and Settlement System (PAPSS). PAPSS is a centralized financial market infrastructure designed to enable efficient cross-border payments across Africa. Afreximbank explained that Algeria becomes the 18th country to join the network. This membership comes as Algeria prepares to host the Intra-African Trade Fair 2025 in Algiers from September 4-10, 2025, which will bring together over 35,000 participants from more than 140 countries.
PAPSS chief executive Mike Ogbalu III welcomed Algeria’s entry, noting that the system has already reduced cross-border transaction costs and delivered savings of up to 27% for end-users. He said Algeria’s participation shows growing confidence in the platform, which aims to make payments “faster, more affordable and accessible,” boosting economic growth and unlocking new opportunities for businesses across Africa. Mohamed Benbahane, deputy governor of the Bank of Algeria, emphasized that joining PAPSS will improve payment efficiency, support intra-African trade, and strengthen Algeria’s role in the continent’s financial ecosystem. Since its launch in 2022, PAPSS has expanded rapidly and now connects 18 countries and more than 150 commercial banks, a sign of growing trust in African-owned payment infrastructure.
