Fidelity Bank, FirstBank, United Bank for Africa, Access Bank, Stanbic IBTC, Wema Bank are among the 22 Commercial banks in Nigeria who have now joined the Pan-African Payment and Settlement System to facilitate cross-border payments across the continent.
Others are: Keystone Bank; Lotus Bank; Providus Bank; Polaris Bank; Union Bank; Jaiz Bank; Zenith Bank; Fidelity Bank; Optimus Bank; Coronation Merchant Bank; Parallex Bank; Tajbank; FSDH Merchant Bank; Ecobank; FBNQuest Merchant Bank and Unity Bank.
PAPPS, which disclosed this in its updated list of participating banks for May 2025, said Nigeria now has the highest number of participating banks, followed by Ghana, which has 19 banks onboarded on the platform.
Launched in January 2022 by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS serves as a centralized platform that enables instant, secure, and efficient cross-border transactions across Africa.
It allows for payments to be made in local currencies, thereby reducing reliance on third-party currencies like the U.S. dollar, minimizing transaction costs, and supporting the expansion of trade under the AfCFTA.
According to PAPPS,16 African countries and over 150 commercial banks are now connected on the platform to pave the way for a borderless African economy by enabling fast, secure, local currency payments across borders.
The CBN recently directed all banks operating in the country to adopt 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 by Mrs Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communication, this directive followed the CBN’s recent announcement of a significant review of documentation requirements for PAPSS transactions in Nigeria.
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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.
One of the major highlights of the new policy is the simplification of documentation for low-value transactions.
Individuals conducting transactions up to $2,000 or its naira equivalent, and corporates up to $5,000 equivalent, can now use basic Know Your Customer (KYC) and Anti-Money Laundering (AML) documents previously submitted to their Authorized Dealer Banks (ADBs).
For transactions above these thresholds, however, all existing documentation requirements as stipulated in the CBN Foreign Exchange Manual and other circulars remain mandatory.