African Banking Corporation Limited (ABC Bank) has joined the Pan-African Payment and Settlement System (PAPSS), allowing customers to send and receive payments across 28 African countries faster and at lower costs.
The integration enables individuals and businesses to make near-instant transfers from ABC Bank accounts to more than 190 banks and fintechs on the PAPSS network, reducing reliance on costly international correspondent banking channels.
ABC Bank Managing Director Apollo Njoroge says the move will transform intra-African payments by making cross-border transactions more affordable, secure and efficient.
“Historically, intra-African payments were routed through correspondent banks outside the continent, resulting in slower and more expensive transfers,” Njoroge said, adding that PAPSS will allow customers to make affordable, near-instant payments.
Customers can now choose to send money in Kenyan shillings, with recipients receiving funds in their local currencies, or use US dollar transfers where both parties hold USD accounts.
Developed by Afreximbank in partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS connects 28 African countries, more than 190 commercial banks and fintechs, and 16 payment switches, as the continent moves to deepen financial integration and boost regional trade.