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 up. It led the charge. The Bank of Ghana integrated early, supported the onboarding of commercial banks, and issued clear guidance for fintechs. They built real-time links between GHIPSS and PAPSS, created policy frameworks to allow FX clearing via PAPSS, and encouraged private-sector participation from day one. The result: Ghanaian businesses can now pay and receive payments across borders in seconds, without touching a dollar. Rwanda: The Startup Whisperer Rwanda joined PAPSS in 2024, but their groundwork started years earlier through smart sandbox regulations and central bank-facilitated testing. The National Bank of Rwanda built a regulatory sandbox for PAPSS use cases, digitised KYC and compliance checks across banks, and onboarded major institutions like Bank of Kigali early to run trials. The lesson: if you have the right tech stack and policy thinking, small countries can move fast and set the standard. What Is Stopping the Rest from Signing Up? 1. Regulatory Mismatches Some countries still operate under strict capital controls. Their central banks treat foreign currency carefully, which is not compatible with real-time, cross-currency settlement. South Africa is the clearest example: strong technical capacity, but FX restrictions make commitment difficult. 2. FX Liquidity Anxiety PAPSS needs market makers. That means central banks need enough reserves to convert currencies quickly. In countries with shallow FX markets or volatile currencies, there is understandable hesitation. No one wants to settle in local currency today and find it is worth less tomorrow. 3. Legacy Payment Systems If your interbank transfer infrastructure was built years ago, PAPSS integration is not plug-and-play. Many countries need significant technical upgrades before they can even begin onboarding. 4. Political and Bureaucratic Bottlenecks Not every government is prioritising regional payment integration right now. Between elections, inflation pressures, and IMF engagements, PAPSS does not always make it to the top of the agenda. What Needs to Happen to Unblock Progress? Afreximbank Needs to Sweeten the Deal The Settlement Guarantee Fund is a good start. But more support is needed, particularly for low-FX countries, fragile economies, and central banks with limited bandwidth. Grants, integration support, or co-financed technical upgrades would move things faster. Clear, Reusable Regulatory Templates If every country has to build its own framework from scratch, progress will be slow. AfCFTA and AU bodies should publish standard operating models, sample legislation, and technical integration guides. Give countries the blueprint, not just the vision. The Private Sector Needs to Push When regional banks, fintechs, and traders actively demand PAPSS support, regulators move faster. The more real money flows through informal channels or expensive workarounds, the clearer the business case becomes for governments to act. Why This Should Be on Every Fintech Founder's Radar If you are building a cross-border wallet, a multi-currency checkout, a remittance product, or anything that touches intra-African trade, PAPSS is part of your future. Even if your country has not joined yet. Start preparing now: - Design your stack to be API-agnostic - Build in currency flexibility from the start - Engage your regulator on PAPSS adoption Your competitors in Ghana and Rwanda are already doing this. Final Word: The Future is Local-Currency, Real-Time, and Pan-African Africa does not need another decade of currency conversions and correspondent bank fees. The infrastructure is here. The will is growing. Now it comes down to political courage and regulatory coordination. If Ghana and Rwanda can do it, so can Kenya, South Africa, and the rest. PAPSS is a quiet revolution, and the smart money is already moving. Building something cross-border? Talk to the Niobi team or follow us on LinkedIn to stay updated on how African payment infrastructure is evolving.