Which countries have signed up for PAPSS, and what is stopping the rest from joining? If you are building a fintech product, trading across borders, or tired of paying high fees every time you settle with a supplier next door, this question is more than theoretical. It is business-critical. At its core, PAPSS: the Pan-African Payment and Settlement System: promises what African businesses have needed for decades: real-time, local-currency payments across the continent, with no USD detour required. But while the idea is solid, the rollout is still a work in progress. Some countries are fully in. Others are still deciding. And a few are yet to engage at all. In this post we cover: - Who has signed up for PAPSS so far - What is holding the rest back - What regulatory harmonisation actually means in plain terms - Case studies from Rwanda and Ghana - Why this matters for founders, finance teams, and anyone building for African trade What is PAPSS and Why Should African Businesses Care? PAPSS is Africa's answer to SWIFT and USD-based settlements. Launched by Afreximbank in partnership with AfCFTA, it lets you pay another African business in your local currency and they receive the funds in theirs: instantly, without intermediaries. PAPSS reduces: - FX conversion costs - Payment delays - The need to route African payments through New York or London It is the infrastructure Africa has been waiting for. But infrastructure means nothing if nobody builds on it. PAPSS Countries: Who's In, Who's Close, and Who's Still Thinking Fully Onboard (Central Banks Signed and Integration Live) These countries have connected their central banks to PAPSS and are actively onboarding banks and fintechs: - Nigeria - Ghana - Sierra Leone - Liberia - Guinea - The Gambia - Zimbabwe - Djibouti - Rwanda In Progress (Conversations Happening, Systems Warming Up) - Kenya: In consultation with PAPSS and Afreximbank. The Central Bank of Kenya is cautious but engaged. - Uganda: Open to joining but still revising its payments infrastructure. - South Africa: Interested, but FX policy remains a sticking point. - Egypt, Morocco, Algeria: Watching from the sidelines for now. Afreximbank's goal is to bring all 54 African Union member states onto PAPSS. That is the endgame. But right now, the focus is on rollout, not revolution. What Does Regulatory Harmonisation Actually Mean? Let's translate the buzzword. Regulatory harmonisation means: - Your central bank operates within a shared framework with others - Your KYC and AML policies meet a common standard - You allow enough FX flexibility to support real-time settlement - You have the legal and technical infrastructure for instant cross-border payments Think of it like agreeing to drive on the same side of the road. You do not have to change everything about how you operate. You just need enough consistency to avoid a crash. Case Studies: How Ghana and Rwanda Got It Done Ghana: The Overachiever Ghana did not just show