CIBN & PAPSS Joint Roadshow Showcases Opportunities for Cross-Border Trade & Payments across Africa

The Pan-African Payment and Settlement System (PAPSS) is revolutionizing cross-border transactions in Africa, providing a secure and efficient financial infrastructure for seamless money flow, trade, and settlement across borders. Recently, in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN), PAPSS hosted a roadshow in Lagos to discuss its initiatives within the context of the African Continental Free Trade Agreement (AfCFTA). NIBSS was honored to be part of the group of panelists that examined the journey so far and the prospects for the future.

The Managing Director/CEO of NIBSS, Premier Oiwoh, was ably represented by our Group Head, Enterprise Support Services, Bolanle Enigbokan, as a distinguished panelist. The focus was on the challenges faced by Nigerian banks in conducting cross-border payments before the implementation of PAPSS and how leveraging PAPSS can unlock new business opportunities across the continent for banks and their customers.

The circular from the Central Bank of Nigeria (CBN) lifting all restrictions on transactions on PAPSS signifies a major milestone, and NIBSS is fully committed to supporting this initiative. As we continue to drive innovation and collaboration in the fintech space, events like the PAPSS Nigeria Road Show play a crucial role in fostering dialogue, knowledge sharing, and collective efforts towards advancing financial inclusion and economic growth across Africa.