Ethiopia has become the latest country to join the Pan-African Payment and Settlement System (PAPSS), expanding the network that connects African banks for cross-border transactions. The move was announced on October 15, 2026, during a joint press conference in Addis Ababa between the National Bank of Ethiopia (NBE) and PAPSS leadership.
How Ethiopian banks will benefit
The integration allows Ethiopian financial institutions to process payments with counterparts across Africa. Governor Eyob Tekalign called it a step toward modernizing Ethiopia’s financial system and strengthening trade ties. Mike Ogbalu III, PAPSS CEO, described it as a milestone for continental payment infrastructure.
The announcement did not specify which Ethiopian banks will connect first or when live transactions will begin. PAPSS operates in over 30 African countries, linking 24 central banks, more than 200 commercial banks, and 16 payment switches. Transaction volumes on the network have surged by roughly 1,000% year-over-year, though exact figures were not disclosed.
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This year alone, the network has added members like the Bank of Central African States, which joined in July to serve the six nations of the Central African Economic and Monetary Community. Ethiopia’s inclusion follows a trend of rapid expansion, with about 10 countries joining in 2026 alone.
Beyond payments: Addis Ababa’s role in shaping the future
Ethiopia’s participation coincides with its selection to host COWRY 2026, PAPSS’s flagship payments conference, on November 26–27. The event, themed “Scaling Africa’s Sovereign Payments: From Continental Connectivity to Global Integration,” will draw more than 1,000 delegates, over 60 speakers and more than 35 exhibition booths. Topics include local currency settlements, AI in payments, and cybersecurity.
Conference Details and Future Focus
Addis Ababa will host the second edition of COWRY on November 26 and 27. The event will take place at the Ethiopian Skylight Hotel. Organizers expect more than 1,000 delegates, over 60 speakers and more than 35 exhibition booths.
