LAGOS, NIGERIA — The inaugural PAPSS Cowry event concluded this week with a high-profile gathering in Lagos, where Mike Ogbalu III, CEO of the Pan-African Payment and Settlement System (PAPSS), was hosted for a private dinner by renowned entrepreneur and Chair of Heirs Holdings, Tony O. Elumelu, C.F.R. The meeting capped a landmark week for Africa’s continental payment ecosystem and highlighted growing momentum around regional financial integration.
The dinner, held at Elumelu’s residence, brought together key stakeholders and influencers committed to advancing the African Continental Free Trade Area (AfCFTA). Ogbalu described the engagement as “phenomenal,” emphasizing that the discussions reinforced the strategic importance of enabling seamless trade and payment flows across Africa.
PAPSS—an initiative spearheaded by the African Export-Import Bank (Afreximbank)—is designed to eliminate long-standing barriers in cross-border payments by making transactions instant, secure, and fully African. The system is viewed as a critical enabler of AfCFTA, which aims to create the world’s largest single market by connecting 1.3 billion people across 54 countries.
Ogbalu highlighted Elumelu’s active role in championing African economic transformation, crediting the businessman’s philosophy of Africapitalism for shaping a new vision of private-sector leadership on the continent. “Tony Elumelu’s commitment to unlocking Africa’s capital and driving financial integration remains instrumental in PAPSS’s continued success,” Ogbalu said, noting that such leadership accelerates broader efforts toward economic unity.
He added that Elumelu’s brand of bold Pan-Africanism has become a rallying force for young professionals and innovators across the continent. “For me and for countless young Africans, he is a profound source of inspiration. His leadership serves as a blueprint for impact,” Ogbalu remarked.
Reflecting on the evening’s discussions, Ogbalu stated that the PAPSS delegation left the meeting “incredibly inspired and energized for the journey ahead,” reiterating his admiration by describing Elumelu as “the Lion King and a great inspiration.”
The successful close of the first PAPSS Cowry event marks a significant step in strengthening Africa’s financial architecture, as leaders continue to push for infrastructure that supports the AfCFTA’s ambitious vision of integrated, intra-African trade.
