Pesalink, Kenya's major instant payment network, has teamed up with the Pan-African Payment and Settlement System (PAPSS) to streamline cross-border payments for individuals and businesses in local currencies. This partnership aims to enhance regional financial integration by offering 24/7 bank-to-bank transfers among African countries, thus simplifying transactions and reducing the need for complex banking requirements. With over 80 Pesalink participants now connected to more than 160 banks involved in PAPSS, the initiative is set to transform how payments are made across borders in Africa.

The integration of Pesalink with PAPSS marks a significant milestone in facilitating easier and faster cross-border payments, particularly for small and medium-sized enterprises (SMEs) and individual users. By allowing payments to be settled in local currencies, this project not only mitigates reliance on foreign reserves but also encourages economic cooperation among African nations. This collaboration is crucial for boosting intra-African trade, enhancing economic stability, and supporting the Continental Free Trade Area agreement advocated by the African Union.

Overall, this partnership signifies a step forward in financial technology's role in promoting economic growth in Africa. It provides a more efficient alternative to traditional correspondent banking methods, which can be slow and costly. The Pesalink and PAPSS initiative is expected to pave the way for increased financial inclusion among Africans, providing more secure and accessible banking solutions that foster greater connectivity and commerce on the continent.