BEAC Joins Pan-African Payment System, Boosting Trade Without Dollar or Euro

The Bank of Central African States (BEAC) has officially joined the Pan-African Payment and Settlement System (PAPSS), a significant development that integrates the CEMAC zone into the African Continental Free Trade Area (AfCFTA). This adherence, formalized on July 9, 2026, promises to revolutionize intra-African trade by enabling transactions in local currencies, thereby bypassing the need for dollars or euros.

Developed and deployed by Afreximbank, PAPSS is a crucial instrument for operationalizing the AfCFTA. It represents a major shift for the Cameroonian private sector, which has historically faced high costs and lengthy delays for cross-border transactions. Previously, a business in Yaoundé trading with a partner in Ghana or Kenya would have had to use third-party currencies and correspondent banks outside the continent.

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This is a major step forward for intra-African trade.

With PAPSS, cross-border payments become instantaneous and are conducted in local currencies. This makes transactions faster, more efficient, and more secure, eliminating the reliance on external intermediaries. For instance, a Cameroonian merchant can now pay a Nigerian supplier directly in FCFA, with the supplier receiving the equivalent in Naira without currency conversion fees or delays.

The Ministry of Commerce views this integration as a significant opportunity to accelerate trade and reduce the cost of doing business across Africa. Minister Luc Magloire Mbarga Atangana is encouraging the business community to quickly adopt this new tool to enhance the competitiveness of 'Made in Cameroon' products throughout the continent.

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With PAPSS, cross-border payments become instant, in local currencies, faster, more efficient, and more secure, regardless of external intermediaries.