The Pan-African Payment and Settlement System (PAPSS) has expanded its reach into Central Africa with the formal accession of the Bank of Central African States (BEAC), the monetary authority for six nations. The integration, announced on July 9, 2026, brings the regional central bank and its member states—Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon—into the continental financial architecture designed to facilitate instant cross-border trade payments in local currencies.

The move marks a significant step toward the African Union’s goal of continent-wide coverage for the system, which is operated by the African Export-Import Bank (Afreximbank). BEAC Governor Yvon Sana Bangua stated that the partnership aligns with the central bank's strategic objectives of modernising payment systems and promoting financial integration within the Central African Economic and Monetary Community (CEMAC). The governor described PAPSS as a catalyst for reducing transaction costs and enhancing the efficiency of commercial exchanges across Africa.

PAPSS was conceived to address the longstanding inefficiencies and high costs associated with intra-African trade settlements, which have traditionally relied on correspondent banking networks routed through currencies like the US dollar and the euro. By enabling direct clearing and settlement between African banks in local currencies, the system aims to reduce settlement times from days to minutes and lower transaction costs. Its development is a cornerstone of the African Continental Free Trade Area (AfCFTA) agreement, which seeks to create a single market for goods and services.

The inclusion of the CEMAC zone, which uses the Central African CFA franc, adds a substantial economic bloc to the network. Prior to this, PAPSS had already established connections with several other African central banks and hundreds of commercial banks across participating regions. The system’s growth is viewed as critical for boosting intra-African trade, which has historically lagged behind other regions due in part to complex and expensive payment processes.

Analysts note that while the technical integration of central banks is a crucial foundational step, the ultimate success of PAPSS depends on widespread adoption by commercial banks and businesses. The system must demonstrate reliability, security, and tangible cost savings to become the preferred channel for cross-border payments. The participation of a central bank like BEAC, which governs a monetary union, provides a regulatory and operational framework that could accelerate uptake among financial institutions in its member states.

The expansion comes as other regional payment initiatives, such as the East African Payment System and the SADC Real-Time Gross Settlement System, also seek to streamline transactions. PAPSS is positioned as a continent-wide umbrella to potentially interconnect these regional systems, creating a unified African financial marketplace. The African Union has set ambitious targets for increasing the share of intra-African trade, and efficient payment infrastructure is widely seen as a necessary precondition for achieving those goals.