Bank Al-Maghrib signs up to The Pan-African Payment and Settlement System (PAPSS), Establishing Morocco as its 17th Country of Presence

Morocco is the 17th country to join the Pan-African Payment and Settlement System (PAPSS) network. Bank Al-Maghrib’s membership is a big step towards making trade between African countries easier and more seamless under the African Continental Free Trade Area (AfCFTA).

Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies. By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent. PAPSS is now the most trusted real-time payment network in Africa for local currency transactions and economic unification, thanks to Morocco’s support.

Mike Ogbalu III, Chief Executive Officer of PAPSS, lauded this latest milestone, stating: “We are delighted to welcome Bank Al-Maghrib to the PAPSS family. Morocco’s entry as our seventeenth country of presence demonstrates the growing momentum and trust in PAPSS as the solution for Africa’s cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent.”

With Morocco’s addition, Pan-African Payment and Settlement System is now present across seventeen countries, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa.

As Morocco joins PAPSS, the system now works in 17 countries, which makes it easier for Africa to help with low-cost, real-time trade and investment between countries on the same continent.