{"id":5922,"date":"2026-10-20T13:00:00","date_gmt":"2026-10-20T10:00:00","guid":{"rendered":"https:\/\/bricsmagazine.com\/en\/?p=5922"},"modified":"2026-10-19T19:23:50","modified_gmt":"2026-10-19T16:23:50","slug":"ethiopia-joins-papss-payment-system","status":"publish","type":"post","link":"https:\/\/bricsmagazine.com\/en\/main-issue\/ethiopia-joins-papss-payment-system\/","title":{"rendered":"Ethiopia has joined PAPSS"},"content":{"rendered":"\n

Ethiopia has joined<\/a> the Pan-African Payment and Settlement System (PAPSS) \u2013 a pan-African cross-border payment system that enables settlements between countries on the continent directly in national currencies. For Ethiopia, which joined BRICS in 2024, this is another step toward deeper integration into the African financial infrastructure.<\/p>\n\n\n\n

PAPSS allows companies to bypass intermediate conversion through the dollar and avoid some transactions via foreign correspondent banks. This is expected to reduce the cost and duration of settlements within Africa. «Ethiopia’s integration into the PAPSS network is an important step in modernizing our financial system and deepening economic ties with the rest of Africa,» said<\/a> Eyob Tekalign, Governor of the National Bank of Ethiopia.<\/p>\n\n\n\n

The system was launched in January 2022 with the participation of the African Export-Import Bank, the African Union, and the Secretariat of the African Continental Free Trade Area (AfCFTA). Currently, PAPSS covers more than 15 countries and unites over 150 commercial banks. However, South Africa, the largest African BRICS economy, remains outside the network for now.<\/p>\n\n\n\n

The economic significance of PAPSS is especially evident against the backdrop of Africa’s fragmented currency system. More than 40 currencies circulate on the continent, many of which are practically not directly convertible into one another. As a result, when settling payments between two African countries, companies often first buy the dollar or another reserve currency and then convert it into the recipient’s currency. According to PAPSS estimates, such operations cost<\/a> African businesses approximately $5 billion per year in fees, delays, and other expenses.<\/p>\n\n\n\n

In 2025, PAPSS went a step further and launched the African Currency Marketplace \u2013 a platform for the direct exchange of African currencies. During the pilot phase, more than 80 companies conducted transactions through it across 12 currency pairs. The goal is to reduce instances where companies’ funds end up «trapped» in individual markets due to currency restrictions and insufficient convertibility of local currencies.<\/p>\n\n\n\n

What This Means for BRICS Countries<\/strong><\/h2>\n\n\n\n

For companies from China, India, Russia, the UAE, Brazil, and other BRICS countries that operate in Africa through local subsidiaries and partners, the expansion of PAPSS could simplify settlements within African supply chains. For example, an Ethiopian company will be able to settle with a supplier or buyer in another connected country using local currencies, without routing every transaction through dollar-based infrastructure.<\/p>\n\n\n\n

This is especially important for trade, logistics, agribusiness, infrastructure projects, and manufacturing, where an international company often operates in several African jurisdictions at once. The wider the PAPSS network, the lower the potential costs of settlements between local branches and counterparties. If South Africa joins the network in the future, PAPSS will be able to link the two largest BRICS footholds in Africa and significantly increase the system’s practical value for the bloc’s companies.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Pan-African settlements in national currencies have gained a new BRICS participant<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,1042,3],"tags":[],"country":[],"authors":[],"class_list":["post-5922","post","type-post","status-publish","format-standard","hentry","category-agenda","category-brics-plus-news","category-main-issue"],"acf":[],"yoast_head":"\nEthiopia Joins PAPSS - BRICS Business Magazine - EN<\/title>\n<meta name=\"description\" content=\"Ethiopia has joined the Pan-African Payment and Settlement System (PAPSS), enabling cross-border payments in local currencies. 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