CBE Governor Participates in 14th PAPSS Governing Council Meeting in Nairobi
Egyptian Central Bank Governor Hassan Abdalla participated in the 14th meeting of the Governing Council of the Pan-African Payment and Settlement System (PAPSS), held on Saturday in Nairobi, Kenya, on the sidelines of his participation in the annual meetings of the Association of African Central Banks.
The meeting discussed the latest developments in PAPSS and explored ways to expand participation by central and commercial banks while maintaining the system’s governance framework. Discussions also focused on strengthening internal controls and reducing risks associated with cross-border payment systems.
Abdalla joined the PAPSS Governing Council in January 2025. The council serves as the system’s highest supervisory and oversight authority and includes the governors of central banks from participating African countries, with 15 members, alongside representatives from regional institutions such as the African Union and the African Development Bank.
The Central Bank of Egypt has maintained close cooperation with PAPSS representatives to assess the system’s technical and legal framework and establish an effective mechanism for Egyptian banks and the country’s banking sector to participate in the platform.
In November 2024, the CBE completed its accession to PAPSS under a more flexible operating model that enables Egyptian banks to participate directly in the system. This allows them to fund and execute cross-border regional transactions with participating banks without requiring a settlement agent or intermediary to finance transactions in US dollars.
The CBE is currently examining additional services offered by PAPSS, including potential connectivity with PAPSS Card and opportunities available through the PAPSS Marketplace. The bank is also continuing to support Egyptian banks interested in joining the system.
Launched by the African Export-Import Bank (Afreximbank), PAPSS is designed to facilitate cross-border payments and trade transactions across Africa while reducing transaction costs and processing times.
The system is also expected to support greater financial integration across African countries and reduce pressure on international currency liquidity through a mechanism for settling the net value of transactions between participating countries. This could further strengthen economic ties and support the expansion of trade between Egypt and other African markets.