The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies.
[2] PAPSS was first mentioned on the 7 July 2019[3] at the 12th Extraordinary Session of The African Union Assembly in Niamey, Niger to support the launch of the operational phase of AfCFTA.
[4] It started as a pilot project among the 6 countries in the West African Monetary Zone (WAMZ) before it became publicly available.
[6][7] The move coincided with the Afreximbank agreeing to designate the Caribbean region as a diaspora-related sixth region of Africa and opened an office in the Caribbean island of Barbados.
[8] Here is a simplified overview of how PAPSS works[9] On a daily basis, PAPSS settles the balance of all of the transactions among individual African currencies, netting them out prior to midnight.