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ARTICLE · 28 MAY 2025

CBN Reviews Documentation Requirements For PAPSS Transactions In Nigeria

Tope Adebayo LP
Tope Adebayo LP
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The Pan-African Payment and Settlement System (PAPSS), launched in January 2024, is a centralized payment infrastructure designed to facilitate faster and more cost-effective cross-border trade transactions in local African currencies. It was adopted as a key mechanism to support the implementation of the African Continental Free Trade Area (AfCFTA).

NigeriaFinance and Banking
Tope Adebayo LP
Tope Adebayo LP
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The Pan-African Payment and Settlement System (PAPSS), launched in January 2024, is a centralized payment infrastructure designed to facilitate faster and more cost-effective cross-border trade transactions in local African currencies. It was adopted as a key mechanism to support the implementation of the African Continental Free Trade Area (AfCFTA).

Following the successful completion of Africa's first PAPSS transaction between Nigeria and Ghana in 2022, the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN), has continued to show strong commitment to promoting wides adoption of the system. Notably in March 2024, the CBN lifted the quarterly transaction limits it had previously imposed on PAPSS transactions, further reinforcing its support for the system.

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