Pesalink, Kenya's instant payment network, has partnered with the Pan-African Payment and Settlement System (PAPSS) to streamline cross-border payments across Africa.

• This collaboration enables instant, 24/7 transfers in local currencies, bypassing traditional correspondent banking.
• Key players include Pesalink, PAPSS (an Afreximbank initiative), and the AfCFTA Secretariat.
• The partnership aims to reduce the high costs and slow settlement times, which currently average 7-8% and three to seven business days respectively for intra-African transfers.