Write Hatem Mohamed

The governor of Egypt’s central bank, Hassan Abdalla, participated in the 14th meeting of the Pan-African Payment and Settlement System (PAPSS) Governing Council in Nairobi on Saturday, on the margins of the annual meetings of the Association of African Central Banks, the bank said in a statement.

The meeting discussed developments in PAPSS operations and ways to increase participation from central and commercial banks while maintaining governance, strengthening internal oversight, and reducing cross-border payment risks, the statement said.

Abdalla joined the council in January 2025. The council is the highest supervisory and regulatory body for PAPSS and includes 15 African central bank governors, along with representatives from the African Union, the African Development Bank, and other regional institutions.

Egypt completed its accession to PAPSS in November 2024 under a more flexible model that allows Egyptian banks to participate directly and to fund and execute regional cross-border transactions with other participating banks without a settlement agent or intermediary for US dollar funding, the statement said.

The central bank is currently studying other PAPSS services, including integration with PAPSS Card and opportunities available through the PAPSS Marketplace, and continues to support Egyptian banks that have expressed interest in joining the system, it added.

PAPSS was launched by the African Export-Import Bank (Afreximbank) to facilitate cross-border trade payments and transfers, reduce costs and processing times, and support financial integration across Africa. The system also aims to ease pressure on international currencies through net settlement of mutual transactions among participating countries.