ADDIS ABABA, October 15, 2026 The National Bank of Ethiopia (NBE) said it has formally joined the Pan-African Payment and Settlement System (PAPSS), a move intended to help financial institutions in the country connect to a cross-border payments network across Africa.
According to the announcement, PAPSS was established under the auspices of Afreximbank, the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, as infrastructure designed to support Africa’s economic integration and intra-African trade.
The statement said Ethiopia’s participation will enable financial institutions in the country to connect to the PAPSS network and participate in cross-border payments with financial institutions across Africa, which it described as creating opportunities for Ethiopian businesses and consumers to transact across the continent.
Officials announce move during Ethiopia Finance Forum
NBE and PAPSS made the announcement during a joint press conference held on the sidelines of the Ethiopia Finance Forum (EFF) in Addis Ababa, the release said.
It reported that H.E. Dr. Eyob Tekalign, Governor of the National Bank of Ethiopia, and Mike Ogbalu III, Chief Executive Officer of PAPSS, were present.
In remarks attributed to Dr. Tekalign, the NBE governor said Ethiopia’s integration into the PAPSS network is an “important step” toward modernising the financial system and deepening economic connections with the rest of Africa. The release also quoted him as saying it creates new opportunities for Ethiopian financial institutions and businesses to participate in cross-border payments and intra-African trade, and that NBE is pleased to co-host PAPSS COWRY 2026.
The release attributed a response to Ogbalu III, who said Ethiopia joining the PAPSS network is a milestone that connects Ethiopian institutions to a growing continental payments infrastructure and opens opportunities for cross-border payments. It also quoted him thanking Dr. Tekalign for support and for co-hosting PAPSS COWRY 2026.
Ethiopia to host PAPSS COWRY 2026 in November
The NBE and PAPSS announcement also said Ethiopia will host PAPSS COWRY 2026, Africa’s Payments Conference on 26 to 27 November 2026 at the Ethiopian Skylight Hotel in Addis Ababa.
The release said the conference will be co-hosted by PAPSS and the National Bank of Ethiopia under the theme “Scaling Africa’s Sovereign Payments: From Continental Connectivity to Global Integration.”
It stated that COWRY 2026 will bring together leaders shaping payments in Africa and connect the continent’s payments ecosystem with international players. The release said discussions over two days will include cross-border payments, local currency settlement, interoperability, financial infrastructure, artificial intelligence, stablecoins, digital assets, cybersecurity and Africa’s integration with global payment networks.
The statement added that PAPSS COWRY 2026 is expected to welcome more than 1,000 delegates, feature over 60 speakers and host more than 35 exhibition booths. It said Central Bank Governors, bank CEOs, fintech founders, payment switches, global payment networks, technology companies, regulators, corporates and other industry leaders are expected to participate.
The release further said the PAPSS COWRY Awards will be presented during a gala dinner on the evening of 26 November, recognising contributions across Africa’s payments ecosystem.
Background on PAPSS and NBE
As described in the release, PAPSS enables secure and efficient movement of money across African borders, aiming to minimise risk and contribute to financial integration. NBE described itself as Ethiopia’s central bank, established in 1963 and headquartered in Addis Ababa, with responsibilities that include monetary policy formulation and oversight of banks, the national payment system and foreign exchange reserves.
