To enable cross-border payments throughout the continent, 22 Nigerian commercial banks have officially joined the Pan-African Payment and Settlement System.
This was revealed by PAPPS in its May 2025 revised list of cooperating banks.
Nigeria now has the most participating banks, with 19 institutions onboarded on the network, followed by Ghana, according to the list.
PAPSS is a centralized platform that facilitates quick, safe, and effective cross-border transactions throughout Africa. It was introduced in January 2022 by Afreximbank in collaboration with the African Union and the Secretariat of the African Continental Free Trade Area (AfCFTA).
By enabling payments in local currencies, it lessens dependency on foreign currencies like the US dollar, lowers transaction costs, and promotes trade growth under the AfCFTA.
Here are the following Nigerian banks listed on PAPPS and have completely embraced the PAPPS platform:
- First Bank
- Unity Bank
- United Bank for Africa
- Jaiz Bank
- Access Bank
- Zenith Bank
- Stanbic IBTC
- Fidelity Bank
- Sterling Bank
- Optimus Bank
- Wema Bank
- Coronation Merchant Bank
- Keystone Bank
- Parallex Bank
- Lotus Bank
- Taj Bank
- Providus Bank
- FSDH Merchant Bank
- Polaris Bank
- Ecobank
- Union Bank
- FBN Quest Merchant Bank
PAPPS claims that more than 150 commercial banks and 16 African nations are currently linked on the platform, opening the door for a borderless African economy by facilitating quick, safe, and local currency transactions across borders.
The Initiative is boosted by the new CBN policy. And as part of initiatives to increase cross-border payment efficiency and expand intra-African trade, the CBN ordered all banks in the nation to implement PAPSS and start originating transactions under the new framework, according to a report published last month by Nairametrics.
This instruction came after the CBN recently announced a major review of the paperwork requirements for PAPSS transactions in Nigeria, according to a statement made by Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communication.
In a circular dated April 28, 2025, with reference number TED/FEM/PUB/FPC/001/006, the apex bank delineated significant modifications intended to encourage increased involvement from banks, importers, exporters, and individuals.
The new policy’s streamlining of documentation for low-value transactions is one of its main features.
Basic Know Your Customer (KYC) and Anti-Money Laundering (AML) documentation that were previously submitted to their Authorized Dealer Banks (ADBs) can now be used by individuals undertaking transactions up to $2,000 or its naira equivalent, as well as corporates up to $5,000 equivalent.
However, all current paperwork requirements as outlined in the CBN Foreign Exchange Manual and other circulars continue to be required for transactions beyond these thresholds.