Central Bank of Egypt (CBE) Governor Hassan Abdalla on Saturday took part in the 14th Meeting of the Governing Council of the Pan-African Payment and Settlement System (PGC PAPSS) in Kenya’s capital Nairobi.
The meeting, held on the sidelines of Abdalla’s participation in the annual meetings of the Association of African Central Banks (AACB), falls within the framework of efforts to strengthen regional banking relations and enhance economic and trade co-operation between Egypt and African countries.
Discussions during the event dealt with developments in PAPSS operations and ways to increase participation in the system by central and commercial banks, alongside maintaining its governance through stronger internal controls and measures to mitigate risks associated with cross-border payment systems.
The CBE governor joined the PAPSS Governing Council in January 2025. The council is the system’s highest supervisory and oversight authority and comprises governors of the central banks of participating African countries, with a total of 15 members, in addition to representatives of regional institutions, including the African Union and the African Development Bank, among others.
In recent months, the CBE has co-operated with PAPSS representatives to study the system and its technical and legal features, with the aim of establishing a mechanism that would enable Egyptian banks and the Egyptian banking sector to participate in the system.
