Addis Ababa, August 27, 2026 (FMC) — African institutions should formally propose establishing a technical bridge between the Pan-African Payment and Settlement System (PAPSS) and the BRICS Cross-Border Payments Initiative (BCBPI) at the upcoming BRICS Summit in New Delhi, TV BRICS reported, citing South Africa’s IOL.
The proposal was put forward by Phapano Phasha, chairperson of the Centre for Alternative Political and Economic Thought, who said closer integration of the two systems would help Africa reduce cross-border transaction costs, limit dependence on foreign currencies in intra-African and Africa-BRICS trade, and accelerate financial integration.
Africa is entering the summit with significant economic and institutional assets, including the African Continental Free Trade Area (AfCFTA), which represents a market of 1.4 billion people with an economic area valued at US$3.4 trillion.
PAPSS is already providing an operational platform for cross-border transactions in African national currencies, offering a foundation for deeper integration with emerging BRICS payment mechanisms.
Phasha noted that South Africa, Egypt and Ethiopia are already BRICS members, while several other African countries are seeking partner-country status, giving the continent greater diplomatic leverage to advance its interests within the grouping.
She pointed to India’s financial sector as a potential model for Africa, noting that foreign investment in the country’s banking, non-bank finance, insurance and financial technology sectors had reached US$13.1 billion in the weeks leading up to the summit.
India, which assumed the BRICS chairmanship on January 1, 2026, has prioritised financial stability, cross-border payments, financial technology cooperation and private-capital mobilisation.
BRICS finance ministers and central bank governors addressed these priorities at a meeting in Jaipur in mid-August, while trade ministers subsequently focused on trade finance, digital services and sustainable supply chains.
Phasha also proposed that African BRICS members seek a specialised infrastructure fund for Africa within the New Development Bank (NDB), drawing on India’s experience of combining development financing with private capital from participating countries.
The NDB approved a US$1 billion loan for municipal infrastructure in South Africa earlier this year.
She further encouraged African regulators to examine India’s approaches to foreign investment limits, licensing requirements and financial technology regulation and adapt relevant practices to local circumstances.
Among the potential summit outcomes, Phasha proposed establishing a joint working group on the interoperability of BRICS and African fintech solutions, including integration of PAPSS into BRICS payment mechanisms.
She also called for a framework to channel private capital from banks and investors in BRICS countries into African financial institutions, citing investment deals between India and the United Arab Emirates as a potential benchmark.