Ethiopia joins Africa's payments network as Addis Ababa prepares to host COWRY 2026
Ethiopia has officially joined the Pan-African Payment and Settlement System (PAPSS), connecting the country’s financial sector to a continental network designed to facilitate cross-border payments and support intra-African trade. The National Bank of Ethiopia (NBE) and PAPSS announced the development in Addis Ababa, alongside plans for Ethiopia to host PAPSS COWRY 2026, Africa’s Payments Conference, on November 26–27.
The move will enable Ethiopian financial institutions to connect to the PAPSS network and facilitate cross-border payments with participating financial institutions across Africa. However, operational access will depend on implementation by individual institutions, opening the door for broader participation in the continent’s evolving payments ecosystem.
The announcement was made by NBE Governor Eyob Tekalign and PAPSS Chief Executive Officer Mike Ogbalu III during a joint press conference on the sidelines of the Ethiopia Finance Forum (EFF) in Addis Ababa.
Established under the auspices of Afreximbank, the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS is designed to simplify cross-border payments in local currencies and support trade between African countries. Ethiopia’s participation adds another market to the continental payments infrastructure, which aims to reduce friction in regional transactions and strengthen financial connectivity.
H.E. Dr. Eyob Tekalign, Governor of the National Bank of Ethiopia, said: “Ethiopia’s integration into the PAPSS network represents an important step in our continued efforts to modernise our financial system and deepen our economic connections with the rest of Africa. It creates new opportunities for Ethiopian financial institutions and businesses to participate more actively in cross-border payments and intra-African trade. We are equally pleased to co-host PAPSS COWRY 2026 and welcome Africa and the global payments community to Addis Ababa at an important time in the transformation of Ethiopia’s financial sector.”
Mike Ogbalu III, Chief Executive Officer of PAPSS, said: “Participating in the Ethiopia Finance Forum has allowed me to witness first-hand a dynamic and innovative financial ecosystem, with institutions and entrepreneurs eager to embrace new technologies, build new partnerships and play a greater role in Africa’s financial transformation. Ethiopia joining the PAPSS network is an important milestone. It connects Ethiopian financial institutions to a growing continental payments infrastructure and opens new opportunities for cross-border payments with the rest of Africa.
“I would like to thank Governor Eyob for his vision and support for PAPSS, and for accepting to co-host PAPSS COWRY 2026 with us. Our ambition is to deliver an African-owned conference to the standards of any leading international payments conference, bringing together the people who are shaping the future of payments in Africa and globally.”
Meanwhile, Addis Ababa will host the second edition of PAPSS COWRY, scheduled for November 26–27, 2026, at the Ethiopian Skylight Hotel. Co-hosted by PAPSS and the National Bank of Ethiopia, the conference will run under the theme “Scaling Africa’s Sovereign Payments: From Continental Connectivity to Global Integration”.
Organisers expect more than 1,000 delegates, over 60 speakers and more than 35 exhibition booths, bringing together central bank governors, bank executives, fintech founders, regulators, payment networks and technology companies from Africa and beyond.
The two-day event will address cross-border payments, local currency settlement, interoperability, financial infrastructure, artificial intelligence, stablecoins, digital assets and cybersecurity. Discussions will also examine how African payment systems can connect more effectively with global financial networks as digital financial services and intra-African trade continue to expand.
Beyond the conference sessions, COWRY 2026 will provide opportunities for networking, bilateral engagements, business partnerships and exhibitions showcasing developments across the payments industry. The PAPSS COWRY Awards will also take place during the gala dinner on November 26, recognising contributions to Africa’s payments ecosystem.
Ethiopia’s entry into PAPSS and its role in hosting the conference come as African financial institutions explore ways to make regional transactions more accessible and efficient. Greater connectivity between national payment systems is expected to support businesses seeking to trade across borders and strengthen the infrastructure needed for deeper economic integration across the continent.
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