WATCH THE VIDEO HERE The Central Bank of Nigeria (CBN) has announced a major review of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria. The move, aimed at promoting seamless intra-African trade, financial inclusion, and operational efficiency, will make it easier for Nigerians engaging in cross-border payments within Africa. Launched in January 2022 by Afreximbank in collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS serves as a centralized platform enabling instant, secure, and efficient cross-border transactions across the continent. In a statement issued by Hakama Sidi Ali (Mrs.), Acting Director of Corporate Communications, the CBN noted that PAPSS facilitates payments in local currencies, thereby reducing reliance on third-party currencies, lowering transaction costs, and supporting trade expansion under the AfCFTA. According to a circular referenced TED/FEM/PUB/FPC/001/006 and dated April 28, 2025, the apex bank outlined the following key changes: The CBN urged all banks to fully adopt PAPSS and begin originating transactions in line with the new policy. It also encouraged exporters, importers, and individuals to familiarize themselves with the updated requirements and leverage PAPSS for cross-border transactions within Africa.
CBN Eases Documentation Requirements For PAPSS Transactions To Boost Intra-African Trade
