Nigeria unlocks Intra-African Trade with new PAPSS policy boost

CAIRO, Egypt – The Pan-African Cost & Settlement System (PAPSS) welcomed the brand new round from the Central Financial institution of Nigeria (CBN), asserting a big streamlining of documentation necessities for PAPSS transactions in Nigeria.

This progressive coverage, introduced on 28 April 2025, units the stage for sooner, more cost effective, and extra inclusive participation by Nigerians and Nigerian companies, particularly Small and Medium Enterprises (SMEs), concerned in intra-African commerce below the African Continental Free Commerce Space (AfCFTA).

With the brand new announcement, people and companies in Nigeria will now be capable of make PAPSS transactions effectively; with much less delays occasioned by paperwork. Solely primary KYC (Know Your Buyer) and AML (Anti-Cash Laundering) paperwork are required for clearance of funds below US$2,000 (for people) and US$5,000 (for corporates) per thirty days. This makes it simpler for Nigerian SMEs to commerce throughout Africa below the AfCFTA, with fewer heavy documentation obstacles than ever earlier than.

The announcement additionally empowers business banks to supply international alternate for PAPSS by Nigeria’s International Change market.

As PAPSS continues to develop throughout Africa — with 16 international locations, 14 fee switches, and greater than 150 business banks now related, together with 22 banks in Nigeria — the streamlined necessities will eradicate obstacles and encourage broader use of our safe, instantaneous, native currency-based platform.

Mike Ogbalu III, CEO of PAPSS, commented:

“Right this moment marks a transformational milestone for Nigerian commerce and for the bigger imaginative and prescient of African financial integration. We’re grateful to the Central Financial institution of Nigeria for its unwavering help and imaginative and prescient in propelling Nigeria in the direction of seamless intra-African funds below the AfCFTA.

“This daring coverage transfer by the CBN will empower banks, companies, and entrepreneurs to attach, commerce, and pay extra simply than ever earlier than. The directive removes extra paperwork from numerous transfers, empowering Nigerian companies to take part extra freely within the African Continental Free Commerce Space by utilising our safe, native currency-based platform.

“We additionally count on Nigerian banks to start integrating PAPSS into their digital platforms reminiscent of cellular apps and on-line banking within the close to future, selling even wider adoption.

“PAPSS is on the forefront of the African development in the direction of a really borderless African economic system and reaching the last word aim of financial self-determination. We encourage all stakeholders throughout the continent to observe in Nigeria’s footsteps, embrace PAPSS, and develop into a part of the transformation that may outline the way in which Africa does funds and speed up the realisation of the African Continental Free Commerce Space objectives.”