In November 2023, co-founders Ayman Elkasaby and Bassel Riad met the leadership of the Pan-African Payment and Settlement System (PAPSS), including CEO Mike Ogbalu III and Ositadimma Ugwu, Head of Technology and Operations, as part of AB Avantage’s technical consulting work on Egypt’s integration into the system.
PAPSS, launched by Afreximbank and the African Union, lets businesses pay each other across African borders in their local currencies, without routing payments through a third currency. It is a key part of the African Continental Free Trade Area (AfCFTA).
Our work involved coordination with the Central Bank of Egypt (CBE) and Egyptian banks on the technical and operational side of connecting to PAPSS: system readiness, integration and settlement processes. We remain in contact with both PAPSS and the CBE, and continue to follow Egypt’s participation in cross-border African payments.
