Tanzania to Join Pan-African Payment System in October

ALGIERS, ALGERIA: TANZANIA is set to join the Pan-African Payment and Settlement System (PAPSS) next month, in a move expected to accelerate financial integration and boost intra-African trade, officials announced at the ongoing Intra-African Trade Fair (IATF2025).

Mike Ogbalu III, Chief Executive Officer of PAPSS, told reporters in Algiers that Tanzania’s central bank has reached consensus to connect to the network by the end of October.

“Regulatory processes have delayed deployment in some countries, but I can confirm that Tanzania has made the commitment. Their participation will strengthen the financial integration of the continent,” Ogbalu said during a media sensitization workshop.

Launched in 2022, PAPSS allows cross-border transactions in local currencies rather than relying on the U.S. dollar or other foreign currencies. The system currently includes 17 central banks and 52 commercial banks across Africa, from Nigeria and Ghana to Kenya, Egypt and Algeria.

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According to Ogbalu, the system has transformed trade payments, reducing transaction times from three to five days to just three seconds, while maintaining strict security standards. “We have unlocked billions of dollars that were trapped within Africa. PAPSS is not meant to isolate the rest of the world, but to complement global systems and facilitate African trade,” he said.

PAPSS has also adopted new technologies, including mobile payment integration, to make cross-border transfers easier and more accessible to traders and consumers.

For Tanzania, joining PAPSS opens opportunities for smoother trade settlements, closer financial cooperation with neighboring markets, and expanded access for micro, small and medium-sized enterprises. Analysts say it could be a significant step in positioning the country more centrally in Africa’s growing financial landscape.