The Bank of Central African States, known as BEAC, has officially joined the Pan-African Payment and Settlement System.
The announcement was made in Cairo on July 9, 2026. This marks a major step for BEAC PAPSS Central Africa payments integration.
It also opens a new chapter for financial connectivity across the region.
BEAC is one of only two multinational central banks on the continent. It serves the six member countries of the Central African Economic and Monetary Community, known as CEMAC.
Those countries are Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea, and Chad.
With BEAC now on board, PAPSS connects 28 African countries.
The network includes more than 190 commercial banks and fintechs, supported by 16 payment switches.
What PAPSS Cross-Border Payments Africa Infrastructure Does
PAPSS cross-border payments Africa infrastructure was built by Afreximbank. It works in partnership with the African Union and the AfCFTA Secretariat.
The system allows businesses to settle transactions instantly in local African currencies.
Funds can move across African markets within seconds. There is no need to rely on third-party currencies or outside intermediaries.
This matters because a large share of intra-African trade has historically passed through correspondent banks located outside the continent.
That routing adds extra fees. It also adds delays. BEAC’s Governor, Yvon Sana Bangui, said joining PAPSS creates the conditions for faster, more affordable, and more efficient cross-border payments between CEMAC countries and the rest of Africa.
He encouraged commercial banks and financial institutions across CEMAC’s member states to prepare for participation.
How BEAC PAPSS Membership Reduces Foreign Currency Dependency
Understanding how BEAC PAPSS membership reduces foreign currency dependency in Central Africa starts with the region’s shared currency.
CEMAC nations use the Central African CFA franc. Under the new arrangement, companies in Cameroon, Gabon, or Congo can invoice and settle transactions directly in CFA francs.
They can do this instantly, without needing to source foreign currency reserves first.
This shift goes beyond simply cutting bank fees. By enabling settlements in African currencies, PAPSS reduces the region’s exposure to dollar related shocks.
For economies that have long depended on foreign currency liquidity to complete regional trade, this represents a meaningful structural change.
CEMAC Financial Integration 2026 and the Road Ahead
CEMAC financial integration 2026 progress will not happen overnight.
PAPSS will work closely with BEAC through the end of this year to operationalize the membership.
That process includes integrating financial institutions across the CEMAC region into the system.
It also includes rolling out PAPSS services to businesses and individual users.
PAPSS Chief Executive Mike Ogbalu III described this as just the beginning of the region’s participation in the network.
Commercial banks will join first. They will then sponsor fintechs seeking to join, subject to a non-objection letter issued by the central bank.
Some banks are moving faster than others, but Ogbalu said PAPSS is ready to begin integration immediately and can offer financial support to speed up the connection process.
Central Africa Intra-Regional Trade Payments and Persistent Challenges
Despite this progress, Central Africa intra-regional trade payments still face real obstacles.
CEMAC has long carried a reputation as one of the least economically integrated subregions on the continent, despite its abundance of natural resources.
Cameroon alone recorded a trade deficit of over 2,000 billion CFA francs in 2023, underscoring how much room exists for improvement.
Much of the region’s oil and commodity exports still go to Europe and Asia rather than to other African markets.
PAPSS also depends on deep and liquid foreign exchange markets to support its local currency settlement model, and many African economies are still developing that kind of market depth.
Execution, not just infrastructure, will determine how much impact this membership ultimately delivers.
What Comes Next
BEAC’s move comes as PAPSS prepares a parallel pilot with the Central Bank of West African States, known as BCEAO, later this year.
That pilot would bring PAPSS closer to linking Africa’s two CFA franc zones under a single payment network.
For businesses and individuals across Central Africa, the promise is straightforward.
Faster transactions, lower transfer costs, and easier access to regional markets, all processed and settled without leaving the African continent.
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