Central Bank of Congo Integrates into Pan-African Payment Network as Continental Governance Evolves

The Central Bank of Congo has formally joined the Pan-African Payments and Settlement System, marking a definitive step toward modernising the financial infrastructure of the Democratic Republic of Congo and advancing broader continental economic integration. This significant development was announced during the 48th Annual Meeting of the Association of African Central Banks held in Nairobi, where central bank governors also gathered to elect an interim chair for the Africa Monetary Institute. The Democratic Republic of Congo stands out as one of the very first Central African countries to connect to the platform, considerably expanding the operational footprint of the payment network within the Central African region.

With this new membership, the payment system now successfully connects 31 African countries, operating across 16 payment switches and integrating over 200 commercial banks and financial institutions. Institutional projections indicate that the network aims to reach 39 connected countries by the end of 2026, pushing toward near-continental coverage. Speaking at the formal ceremony, Afreximbank Executive Vice President for Global Trade Bank Haytham El Maayergi underscored that trade accounts for 98 per cent of the Democratic Republic of Congo gross domestic product, yet intra-African trade represents only a fractional share of the nation's total exports and imports.

El Maayergi attributed this stark divergence directly to structural barriers in cross-border payment mechanisms rather than a genuine scarcity of commercial opportunities. Central Bank of Congo Governor André Wameso Nkualoloki echoed these sentiments, noting that the strategic choice to join the infrastructure aligns seamlessly with ongoing national reforms designed to modernise payment channels and support the implementation of the African Continental Free Trade Area. According to Governor Nkualoloki, the membership is intended to render cross-border transactions faster, safer, and less expensive, while directly facilitating trade for small and medium-sized enterprises and broadening digital financial inclusion.

Concurrently, the Nairobi gathering addressed broader institutional governance architecture through the election of Yvon Sana Bangui, previously the Governor of the Bank of Central African States, as the interim chair of the Africa Monetary Institute. Operating as a bureau under the African Monetary Cooperation Programme, the institute coordinates the implementation of macroeconomic convergence criteria and oversees preparatory milestones for the eventual establishment of the African Central Bank. The newly structured bureau features regional representation across the five African regions, designed to bridge administrative gaps that previously left the continent without a unified voice in international financial forums.

Why This Matters

Integrating the Democratic Republic of Congo into the continental payment architecture addresses core frictions in cross-border commerce by enabling local-currency transactions. This operational shift directly reduces acute reliance on hard foreign currencies for regional transactions, shielding commercial operators from severe currency volatility risks and foreign exchange shortages. By removing legacy payment bottlenecks, the infrastructure alters the mechanics of regional trade, allowing capital and goods to circulate with greater predictability across national borders.

From a regulatory and policy standpoint, the alignment with the African Continental Free Trade Area provides a concrete financial backbone to trade agreements that otherwise rely entirely on political consensus. The success of this integration relies heavily on meeting rigorous technical and regulatory conditions, compelling participating central banks and commercial institutions to upgrade domestic payment switches. Furthermore, the operationalisation of the Africa Monetary Institute under regional leadership structures establishes a coordinated path toward macroeconomic convergence and long-term monetary sovereignty.

Opportunities

• Commercial Banks: Integration of local core banking systems with the network switches to capture growing intra-regional trade flows and offer competitive local-currency settlement products.
• Fintech Operators: Deployment of advanced digital channel interfaces tailored for small and medium-sized enterprises to leverage faster and cheaper cross-border payment rails.
• Financial Regulators: Alignment of national compliance frameworks and technical standards with continental protocols to ensure secure and seamless transaction execution.
• Enterprise Financiers: Structuring trade finance facilities that capitalise on reduced currency conversion friction and accelerated settlement timelines within the Democratic Republic of Congo.

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