Cairo, Egypt —

The Pan-African Payment & Settlement System (PAPSS) happily embraces the recent directive issued by the Central Bank of Nigeria (CBN), which outlines major simplifications in the paperwork needed for PAPSS transactions within Nigeria.

The forward-thinking initiative, introduced on April 28, 2025, paves the way for quicker, more economical, and broader involvement of Nigerians and their enterprises, particularly small and medium-sized businesses (SMBs), engaged in trade within Africa through the African Continental Free Trade Area (AfCFTA) agreement.

The recent announcement enables both individuals and enterprises in Nigeria to conduct PAPSS transactions more smoothly, reducing delays caused by bureaucratic paper processes. For transfers up to $2,000 for individuals and $5,000 for corporations each month, only minimal KYC (Know Your Customer) and AML (Anti-Money Laundering) documentation is needed for payment approvals. This simplification significantly eases trading activities among African Small and Medium Enterprises (SMEs) via the AfCFTA, minimizing cumbersome document requirements as never before.

The announcement likewise enables commercial banks to obtain foreign currency for PAPPS via Nigeria’sForeign Exchange market.

As PAPSS continues to expand across Africa — with 16 countries, 14 payment switches, and more than 150 commercial banks now connected, including 22 banks in Nigeria — the streamlined requirements will eliminate barriers and encourage broader use of our secure, instant, local currency-based platform.

Mike Ogbalu III, CEO of PAPSS, commented: “Today marks a transformational milestone for Nigerian commerce and for the larger vision of African economic integration. We are grateful to the Central Bank of Nigeria for its unwavering support and vision in propelling Nigeria towards seamless intra-African payments under the AfCFTA.

This daring policy initiative by the CBN will enable banks, companies, and business owners to interact, conduct transactions, and make payments with greater ease than ever before. The new instruction streamlines numerous transfer processes by reducing unnecessary documentation, thereby allowing Nigerian enterprises to engage more readily within the framework of the African Continental Free Trade Area through our safe, locally-currency-focused system.

We anticipate that Nigerian banks will soon start incorporating PAPPS into their digital interfaces like mobile applications and online banking systems, thereby encouraging greater acceptance.

PAPSS stands at the vanguard of Africa’s progress toward an entirely borderless continental economy and aims to achieve the tamat objective of economic independence. We urge all parties throughout the continent to emulate Nigeria’s example, adopt PAPSS, and join this transformative movement that will reshape how Africa handles transactions and expedite the achievement of the objectives set forth by the African Continental Free Trade Area.