President Bola Tinubu, on Friday, urged African countries to embrace the Pan-African Payment and Settlement System (PAPSS) for deeper financial integration across the continent.
He made the call at the Afreximbank 32nd Annual Meetings, attended by Naijaonpoint.
He urged all African countries to embrace the technology.
“I urge all Africans, all African nations, to embrace PAPSS because deeper financial integration strengthens our collective resilience,” he said.
Highlighting Oramah’s impact on Nigeria, Tinubu stated that the nation has benefited from over $52 billion in support directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative industry sectors, citing flagship projects such as the Dangote Refinery and the African Medical Center of Excellence.
He thanked Oramah for his leadership in the initiative, saying PAPSS enables cross-border trade in local currencies, reduces reliance on foreign exchange, and promotes economic stability.
He also called on Africa to strengthen financial support to Afreximbank to scale its transformational impact.
“Together, we are launching the Africa Energy Bank in Abuja, with $5 billion in initial capital to finance Africa’s energy transition, leveraging gas, renewables, and clean technologies,” he added.
In his remarks earlier, Oramah said one of the greatest barriers to intra-African trade has been the lack of efficient cross-border payment systems, which have caused leakages of around $5 billion annually.
“PAPSS eliminates the need for currency conversion through external intermediaries, saving billions in transaction costs annually. The system is supported by a $3 billion clearing and settlement fund from Afreximbank. PAPSS has onboarded about 160 commercial banks and operates in 16 countries, with many more underway,” he added.
“In this regard, an African Currency Marketplace was launched and is now fully operational. This marketplace allows for the trading of African currencies, creating a window for the repatriation of trapped funds in different African countries,” he said, highlighting that the bank recently launched PAPSS Credit and Debit Cards in partnership with Mercury and Discover.
“Holders of the cards can spend their national currencies in the 16 countries where PAPSS is enabled today. With PAPSS, distinguished ladies and gentlemen, we have opened many possibilities,” he said.
For instance, he added that with PAPSS, stakeholders can bring more liquidity to capital markets, as it will enable an Egyptian to buy stocks on the Nigerian Stock Exchange using Egyptian pounds; a Kenyan entity can issue bonds listed on the Nairobi Stock Exchange, and a Ghanaian can invest in it using Ghanaian cedis.
In April 2025, the Central Bank of Nigeria (CBN) directed all banks operating in the country to adopt the Pan-African Payment and Settlement System (PAPSS) and commence originating transactions under the new framework, as part of efforts to deepen intra-African trade and improve cross-border payment efficiency.
Exporters and importers will also benefit from faster transaction settlements in local currencies, but must ensure they comply with simplified and full documentation requirements depending on transaction size.
Overall, the adoption of PAPSS is expected to make cross-border payments more accessible, efficient, and cost-effective for Nigerian businesses and individuals engaging within the African continent.
Overall, the adoption of PAPSS is expected to make cross-border payments more accessible, efficient, and cost-effective for Nigerian businesses and individuals engaging within the African continent.