A s one of only two regional central banks on the continent, the decision by the Bank of Central African States (BEAC), to join the Pan-African Payment and Settlement System (PAPSS), gives the network, a direct foothold into Francophone Africa. As a PAPSS member, BEAC can now route transfers to more than 250 additional financial institutions across the continent. According to information made public by Afreximbank, with BEAC joining the network, PAPSS now links 28 African coun tries, brings together more than 190 commercial banks and fintechs, supported by 16 switches. Yvon Sana Bangui, Governor of BEAC and Chair of the Association of African Central Banks, said in a state ment, “By joining PAPSS, BEAC is creating the conditions for faster, more affordable and more efficient cross-border payments between the CE MAC countries and Africa. We encourage commercial banks and financial institutions across our member states to embrace this opportunity”. PAPSS Chief Executive Mike Og balu III said BEAC’s membership marks an important step toward greater financial integration across Africa. Developed by Afreximbank in partnership with the African Union and the A...
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