HARARE, Zimbabwe – CBZ Bank has gone live on the Pan-African Payment and Settlement System (PAPSS), giving Zimbabwean businesses and individuals another channel for making cross-border payments within Africa. The development comes as the country seeks to expand regional trade and improve access to African markets.
PAPSS confirmed the bank’s activation in October, following the launch of ATDC Zimbabwe in Harare on 2 October. The payment network said customers could now visit CBZ Bank branches to send money across participating African markets.
The system allows participating banks to process cross-border payments in local currencies. It aims to reduce reliance on traditional international payment arrangements, which can involve multiple intermediaries, additional costs and delays.
CBZ Bank’s participation could be particularly important for Zimbabwean importers, exporters and small businesses seeking to trade with customers and suppliers elsewhere on the continent.
Cross-border payments remain a challenge for many African businesses. Companies often encounter currency conversion costs, banking delays and difficulties accessing reliable payment channels when trading beyond their domestic markets.
PAPSS seeks to address some of these barriers by connecting financial institutions through a common African payment infrastructure. Its development forms part of wider efforts to support the African Continental Free Trade Area (AfCFTA), which aims to increase trade between African economies.
The CBZ activation also complements the newly established ATDC Zimbabwe, a trade and distribution venture involving CBZ Holdings and the Afreximbank-backed Africa Trade and Distribution Company.
ATDC Zimbabwe is intended to connect local producers with regional and international buyers through services including commodity aggregation, logistics, warehousing and market intelligence.
Together, the two initiatives could help address different obstacles facing Zimbabwean businesses. ATDC focuses on connecting producers with markets and distribution networks, while PAPSS provides infrastructure for moving payments between participating financial institutions.
The connection is significant because access to buyers alone does not guarantee successful regional trade. Businesses also need dependable payment arrangements, affordable logistics and financing to complete transactions.
Zimbabwe’s agricultural producers, manufacturers and emerging exporters stand to benefit if these services become accessible and commercially competitive.
However, the impact will depend on transaction costs, the number of participating banks and markets, and how easily businesses can use the system. Wider adoption will also be important if PAPSS is to become a practical alternative to established cross-border payment channels.
CBZ Bank’s activation represents another step towards connecting Zimbabwe’s banking sector with Africa’s expanding financial infrastructure.
The larger opportunity lies in making regional trade easier for businesses that have the products and customers but continue to face obstacles in receiving and making payments across borders.
