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CBN urges financial institutions to adopt and recommend PAPSS to Nigerian businesses.

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The Governor of the Central Bank of Nigeria (CBN), said its financial institutions would adopt the Pan-African Payment and Settlement System (PAPSS) and recommend businesses throughout Nigeria.


 CBN urges financial institutions to adopt and recommend PAPSS to Nigerian businesses

The Governor of the Central Bank of Nigeria (CBN), said its financial institutions would adopt the Pan-African Payment and Settlement System (PAPSS) and recommend businesses throughout Nigeria.

Mr Godwin Emefiele made the remarks yesterday in Accra, Ghana, during the launch of the PAPSS program.

The CBN governor described PAPSS as a continental success, saying it would help trade and improve payment gateways throughout West Africa.

What the CBN Governor said

Speaking at the event, Emefiele said, “CBN will ensure that its financial institutions accept PAPSS and recommend it to businesses throughout Nigeria.


According to Emefiele, the new payment system will help legalize trade on the continent, and benefit families, businesses and financial institutions.


With the infrastructure provided by PAPSS, he estimates that trade between African countries will increase by 35% from 15% over the next five years.

He also pointed out that, given the rapid rate of digital deployment in financial services, PAPSS could be a potential platform for e-commerce development in Africa.

"Businesses can be assured of an efficient and reliable payment gateway that supports fast cash flow and the use of secure payment channels that often come at high cost to homes and businesses."

“Prior to the launch of the PAPSS, the Intra-African commercial settlement required a third party and a non-African bank. This has led to an estimated loss of $ 5 billion a year and undermined trade in African countries. The introduction of PAPPS offers new opportunities and aspirations for the African continent. "It will facilitate cross-border transactions, reduce third-party trade in Africa and eliminate the need for mail banks and ultimately increase domestic trade," he said.


What you need to know about PAPSS

PAPSS is a cross-border financial market infrastructure that conducts payment transactions across Africa, overcoming barriers to trade on a continent with more than 41 known currencies.

It is expected to boost intra-African trade by transforming and facilitating border payments, clarification, and compensation.

PAPSS solves the problem of diversified payment and payment systems, which have historically disrupted trade between African countries.

The forum was officially launched for use by the African Export Bank (Afreximbank) in partnership with the African Union (AU) and the African Continent Free Trade Area (AfCFTA).

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