The Democratic Republic of the Congo has taken two new steps toward deeper African financial integration, joining the Pan-African Payment and Settlement System and signing an East African Community central-bank agreement on currency convertibility and foreign-exchange repatriation.
KINSHASA - September 21, 2026 - The Democratic Republic of the Congo has moved to strengthen its links with African and East African payment systems after the Banque Centrale du Congo (BCC) signed two financial agreements in Nairobi, Kenya, on September 18.
BCC Governor Andre Wameso Nkualoloki signed the agreement admitting the Congolese central bank to the Pan-African Payment and Settlement System (PAPSS) on the sidelines of meetings of the Association of African Central Banks.
According to the official BCC announcement, joining PAPSS is intended to facilitate cross-border payments, reduce transaction costs and processing times, improve the traceability of financial flows and connect the DRC's national payment system more closely with regional and continental infrastructure.
The move also supports the DRC's participation in the African Continental Free Trade Area (AfCFTA), where easier settlement of payments between African markets is an important part of expanding intra-African trade.
What PAPSS could mean for Congolese businesses
PAPSS is a cross-border payment and settlement infrastructure developed by Afreximbank in collaboration with African institutions. Its purpose is to make payments between African countries more efficient and allow participating institutions to settle eligible transactions involving African currencies without relying as heavily on third-country settlement currencies.
Afreximbank describes PAPSS as infrastructure designed to connect African payment markets and support faster cross-border transactions as its network expands.
For Congolese companies trading with partners elsewhere in Africa, successful implementation could eventually mean simpler and potentially less expensive cross-border payments. Importers, exporters, banks, fintech companies, remittance providers and other businesses could particularly benefit if their financial institutions connect to the system.
However, the BCC's accession does not mean every Congolese customer can immediately make a PAPSS transfer. Commercial banks, payment providers and the necessary technical infrastructure must be connected before services become available to individual customers and businesses.
BANKING AND FINANCE
DRC Joins PAPSS and Signs EAC Cross-Border Currency Agreement
Sep 21, 2026
Sep 21, 2026
5 min read
Published
Updated:
The Democratic Republic of the Congo has taken two new steps toward deeper African financial integration, joining the Pan-African Payment and Settlement System and signing an East African Community central-bank agreement on currency convertibility and foreign-exchange repatriation.
KINSHASA - September 21, 2026 - The Democratic Republic of the Congo has moved to strengthen its links with African and East African payment systems after the Banque Centrale du Congo (BCC) signed two financial agreements in Nairobi, Kenya, on September 18.
BCC Governor Andre Wameso Nkualoloki signed the agreement admitting the Congolese central bank to the Pan-African Payment and Settlement System (PAPSS) on the sidelines of meetings of the Association of African Central Banks.
According to the official BCC announcement, joining PAPSS is intended to facilitate cross-border payments, reduce transaction costs and processing times, improve the traceability of financial flows and connect the DRC's national payment system more closely with regional and continental infrastructure.
The move also supports the DRC's participation in the African Continental Free Trade Area (AfCFTA), where easier settlement of payments between African markets is an important part of expanding intra-African trade.
ADVERTISEMENT
What PAPSS could mean for Congolese businesses
PAPSS is a cross-border payment and settlement infrastructure developed by Afreximbank in collaboration with African institutions. Its purpose is to make payments between African countries more efficient and allow participating institutions to settle eligible transactions involving African currencies without relying as heavily on third-country settlement currencies.
Afreximbank describes PAPSS as infrastructure designed to connect African payment markets and support faster cross-border transactions as its network expands.
For Congolese companies trading with partners elsewhere in Africa, successful implementation could eventually mean simpler and potentially less expensive cross-border payments. Importers, exporters, banks, fintech companies, remittance providers and other businesses could particularly benefit if their financial institutions connect to the system.
However, the BCC's accession does not mean every Congolese customer can immediately make a PAPSS transfer. Commercial banks, payment providers and the necessary technical infrastructure must be connected before services become available to individual customers and businesses.
DRC also joins EAC currency mechanism
On the same day, Governor Wameso signed a memorandum of understanding between central banks of East African Community member states covering currency convertibility and the repatriation of foreign exchange.
ADVERTISEMENT
The BCC says the mechanism is designed to facilitate transactions between economic operators, reduce the cost and time required for cross-border payments, improve the traceability of financial flows and strengthen monetary cooperation within the EAC.
The signing took place in the presence of Emmanuel M. Tutuba, Governor of the Bank of Tanzania and chair of the EAC Monetary Affairs Committee.
With the agreement, the DRC joins Burundi, Uganda, Tanzania, Kenya and South Sudan in the regional mechanism.
A September 21 report by Actualite.cd presented the PAPSS accession and EAC agreement as part of a broader push by the BCC to deepen the country's integration into Africa's financial ecosystem.
Popular Today
ADVERTISEMENT
Why the agreements is so Important
Cross-border African payments can involve several financial intermediaries and, in some cases, settlement through currencies outside the continent. That can add costs, delays and complexity.
The BCC says PAPSS should help reduce transaction costs and delays while strengthening the traceability of financial flows. The EAC agreement has a related regional objective, focusing on monetary cooperation, currency convertibility and foreign-exchange repatriation.
Successful implementation could make it easier for Congolese businesses to pay suppliers, receive money from customers and conduct trade with partners in neighboring and other African markets. It could also create opportunities for Congolese banks, fintech companies, payment processors and trade-finance providers.
Part of a wider African financial-integration push
The agreements were signed during a week of central-bank meetings in Nairobi.
The Association of African Central Banks scheduled its 2026 annual meetings in Nairobi from September 13 to 18, hosted by the Central Bank of Kenya. The program culminated in the 48th meeting of the Council of Governors on September 18.
The BCC said its participation included discussions on macroeconomic convergence, harmonization of monetary-policy frameworks, improving cross-border payment systems and reducing their costs, and efforts toward operationalizing an African Monetary Institute.
ADVERTISEMENT
Related Articles
