The Central Bank of Nigeria (CBN) has directed all banks operating in the country to adopt the Pan-African Payment and Settlement System (PAPSS) and commence originating transactions under the new framework, as part of efforts to deepen intra-African trade and improve cross-border payment efficiency.
According to a statement on Monday by Mrs Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communication, this directive follows the CBN’s recent announcement of a significant review of documentation requirements for PAPSS transactions in Nigeria.
In a circular referenced TED/FEM/PUB/FPC/001/006, issued on April 28, 2025, the apex bank outlined key changes aimed at promoting greater participation by banks, exporters, importers, and individuals.