Nigeria, Sept. 17 -- Sending money from N'Djamena to Nairobi has long meant routing it through banks in Europe or the United States, converting it twice, and waiting weeks for it to arrive. A new African payment system promises to do it in seconds. However, speed brings opportunities not only for trade but also for financial crime.

On 9 July, the Bank of Central African States (BEAC) joined the Pan-African Payment and Settlement System (PAPSS), launched in 2022. The system activates the African Continental Free Trade Area (AfCFTA) by connecting the continent's various financial systems, including 41 currencies.

The benefits for trade are clear, but can the immediacy of payments be aligned with effective controls to prevent PAPSS from be...