Survey Finds 11% of African Banks Join PAPSS
A Deloitte-AFIS survey found most African financial institutions have not yet connected to the Pan-African Payment and Settlement System.
Updated on Nov. 5, 2026 in Financial Services
Preliminary findings from the sixth Deloitte-AFIS African Financial Industry Barometer, released in Luanda on November 3, show 11% of surveyed African financial institutions are connected to PAPSS. Another 45% have no plans to join the system.
Why it matters
PAPSS is designed to enable cross-border payments in African currencies and reduce reliance on foreign settlement currencies, supporting trade under the African Continental Free Trade Area. The survey suggests adoption is lagging behind those goals.
Of surveyed institutions, 11% are connected to PAPSS, while 69% of respondents called AfCFTA implementation too slow and only 7% reported tangible progress. The survey did not report figures on the transaction volume processed through the network.
The players
Deloitte
Deloitte is a multinational professional services network that conducts sector research and surveys, including the African Financial Industry Barometer.
Pan-African Payment and Settlement System (PAPSS)
PAPSS is a continent-wide payment infrastructure system developed under the African Union framework to settle cross-border transactions in African currencies.
The details
The survey was presented at the Africa Financial Summit in Angola. PAPSS has connected more than 30 African countries, 24 national and regional central banks, and more than 200 commercial banks and payment providers.
Timeline
November 3: Preliminary survey findings released in Luanda, Angola.
November 3-4: Africa Financial Summit held in Angola.
July: Bank of Central African States joined PAPSS, and SADC added the kwanza as a settlement currency.
May: AfDB Board of Governors approved the NAFAD initiative.
September 2026: PAPSS chief executive reported network connection and transaction growth figures.
Market Landscape
AfCFTA was built to create a single continental market, and PAPSS was designed as the payment layer to make that market function. The survey findings suggest the payment side is advancing more slowly than the trade agreement itself.
For businesses trading across African borders, slow PAPSS adoption means continued reliance on costlier payment channels for intra-African transactions. The survey estimates intra-African trade payments cost around $5bn a year.
The takeaway
Adoption, not technology, appears to be the main barrier to faster intra-African payments. Businesses with cross-border exposure may want to track whether their banks have connected to PAPSS.
Further reading
For broader coverage of how cross-border payment systems are reshaping banking, see Financial Services.
Source note: This article includes information reported by Intellinews.
