CBN Highlights PAPSS as Key Driver of Africa’s Cross-Border Trade, Payments

By Emmanuel Kwada

The Central Bank of Nigeria (CBN) has spotlighted the importance of the Pan-African Payment and Settlement System (PAPSS), describing it as a transformative platform designed to facilitate instant, secure, and seamless cross-border financial transactions across Africa.

‎In the latest edition of its Consumer Education Series, tagged “Do You Know?”, the apex bank explained that PAPSS serves as a centralized financial market infrastructure that enables the efficient movement of funds between African countries, reducing barriers to trade and financial transactions on the continent.

‎According to the CBN, the platform plays a strategic role in supporting the implementation of the African Continental Free Trade Area (AfCFTA) by simplifying payment processes for businesses and individuals engaged in cross-border commerce.

‎The bank noted that PAPSS was created to address longstanding challenges associated with intra-African payments, including delays, high transaction costs, and dependence on foreign currencies for settlements between African nations.

‎Through the educational episode, the CBN outlined the system’s key objectives and functionalities, emphasizing its potential to strengthen economic integration, boost trade volumes, and enhance financial inclusion across the continent.

‎The apex bank encouraged Nigerians and other African stakeholders to familiarize themselves with the platform and its benefits as efforts continue to deepen regional trade and economic cooperation.

‎As part of its ongoing consumer awareness campaign, the CBN urged members of the public to follow the Consumer Education Series for practical information on financial literacy, safe banking practices, and effective money management.

‎“Let’s all stay informed,” the bank stated, reaffirming its commitment to educating consumers on developments shaping the financial sector and empowering them to make informed financial decisions.

‎The Consumer Education Series forms part of the CBN’s broader strategy to promote public understanding of financial systems, products, and innovations that support economic growth and financial stability in Nigeria and across Africa.