The Bank of Central African States (BEAC) has officially joined the Pan-African Payment and Settlement System (PAPSS)
The Bank of Central African States (BEAC) has officially joined the Pan-African Payment and Settlement System (PAPSS).In a milestone agreement finalized between BEAC Governor H.E. Yvon Sana Bangui and PAPSS CEO Mike Ogbalu III, the regional central bank committed its entire monetary infrastructure to the continental network.
BEAC’s entry marks a significant regulatory triumph for the African Export-Import Bank (Afreximbank)-backed and African Union-supported initiative, instantly bringing all six member nations of the Central African Economic and Monetary Community (CEMAC) Cameroon, Gabon the Republic of Congo, the Central African Republic, Equatorial Guinea, and Chad into the single-payment loop.
While PAPSS has consistently signed individual commercial banks and sovereign central banks, the BEAC agreement reshapes the scale of continental integration.
Because BEAC operates as a unified central bank governing a shared currency (the Central African CFA franc), its singular accession eliminates the need for separate country-by-country negotiations.
With Central Africa now integrated, the PAPSS network expands its reach to encompass 28 African countries over 190 commercial banks and fintech platforms and 16 national payment switches.
The primary goal is to eliminate reliance on foreign correspondent banks (located in Europe or the US) to settle transactions between African nations. Now, a Cameroonian merchant can settle a bill with a Nigerian or Kenyan supplier in local currencies in less than 120 seconds.
BEAC’s membership will boost internal trade flows within the sub-region and accelerate the rollout of the African Continental Free Trade Area (AfCFTA).
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By keeping capital flows on the continent, this move reduces pressure on the foreign exchange reserves (USD, EUR) of CEMAC member countries.
PAPSS will act as a gateway to connect mobile and banking payment systems in the CEMAC region with West Africa (notably through a planned technical corridor pilot with the BCEAO later this year) and the rest of the continent.
