Pesalink has partnered with the Pan-African Payment and Settlement System (PAPSS) to enable instant, 24/7 cross-border payments within Kenya using local currencies.

• This integration allows over 80 Kenyan banks, fintechs, SACCOs, and telcos on the Pesalink network to connect with more than 160 commercial banks and fintechs on the PAPSS platform across Africa.
• Key organizations involved include Pesalink, PAPSS (an initiative of Afreximbank, the African Union, and the AfCFTA Secretariat), and participating financial institutions.
• The partnership aims to significantly reduce the high costs (averaging 7-8%) and slow settlement times (3-7 business days) currently associated with cross-border payments in Africa, moving away from reliance on correspondent banking and foreign reserve currencies.