Bank of Algeria joins PAPSS ahead of Intra-African Trade Fair 2025

The Bank of Algeria has joined the Pan-African Payment and Settlement System (PAPSS), becoming its 18th member as the country prepares to host the Intra-African Trade Fair 2025 (IATF2025) in Algiers from Sept. 4–10.

PAPSS, created by the African Export-Import Bank (Afreximbank) with the African Union Commission and AfCFTA Secretariat, aims to lower cross-border payment costs and boost intra-African trade.

CEO of PAPSS, Mike Ogbalu III,  welcomed Algeria to the network, noting the significance of the expansion into North Africa. “Algeria’s entry not only strengthens our presence in the region but also reflects growing confidence in PAPSS as the engine for Africa’s payment transformation,” he said.

He highlighted that PAPSS has already cut cross-border transaction costs by up to 27% and driven over 1000% growth in digital transaction volumes among participating banks.

Deputy Governor of the Bank of Algeria, Mohamed Benbahane, said the move underscores Algeria’s commitment to advancing African economic integration.

“This membership, which aims to improve payment efficiency and facilitate intra-African trade, represents an essential lever for strengthening Algeria’s role within the African financial ecosystem and supporting sustainable economic development,” he stated.

Algeria’s entry comes just weeks before it hosts the Intra-African Trade Fair 2025 (IATF2025), scheduled for September 4–10 in Algiers.

The event, also an Afreximbank flagship initiative, is expected to draw over 35,000 participants from more than 140 countries, offering a major platform for business, investment, and AfCFTA-related partnerships.

Since its launch in West Africa in 2022, PAPSS has expanded rapidly, now connecting 18 countries across four African regions, more than 150 commercial banks, and 14 payment switches. North Africa has become a major growth zone for the system, with Tunisia, Egypt, Morocco, and now Algeria adopting the platform.