By Stellamaries Amuwa, Abuja
The Executive Secretary of the National Action Committee on the African Continental Free Trade Area (NAC-AfCFTA) Agreement, Olusegun Awolowo, has described the Pan-African Payment and Settlement System (PAPSS) as a game-changer for seamless intra-African cross-border payments.
Awolowo made the assertion while addressing Nigerian banking and finance industry leaders during the Nigeria PAPSS Roadshow organised by the Pan-African Payment and Settlement System’s Office (PAPSS) in collaboration with the Chartered Institute of Bankers in Nigeria (CIBN) and the NAC-AfCFTA, in Lagos.
He said the PAPSS, launched in January 2022, is a secured centralized payment and clearing system designed to facilitate intra-africa and cross-border trade within the AfCFTA framework by free flow of money. While restating the Federal Government’s commitment to achieving a seamless cross-border transaction under AfCFTA, Awolowo said: “PAPSS is a foremost component for financial integration, hence a significant milestone in the removal of barriers to trade in the continent.”
The Roadshow, according to the Executive Secretary, aims to educate businesses and other relevant stakeholders about PAPSS, a critical payment infrastructure designed by African Import-Export Bank (Afreximbank), the AfCFTA Secretariat and the African Union to facilitate seamless cross-border transactions under the AfCFTA.
He urged the commercial banks to embrace and integrate PAPSS into their operational framework, adding that “by doing so, banks can position themselves as key facilitators of regional trade and investment, driving economic growth and financial inclusion across Africa”.
“Participants have gained valuable insights into how PAPSS can streamline trade processes, reduce costs, and unlock new business opportunities within the African continent,” Awolowo noted. Further, Awolowo appealed to bankers on Cybersecurity measures to safeguard transactions, implementing user-friendly interfaces for seamless customer experiences, and leveraging data analytics to derive actionable insights for decision-making.
Speaking, the Chief Executive Officer of PAPSS, Mike Ogbalu III, said PAPSS presents Nigerian Banks and financial industry players with an opportunity to revolutionize cross-border payments, foster economic integration, and accelerate Africa’s journey towards sustainable development.
Also, in his remarks, the President and Chairman of Council, Chartered Institute of Banker of Nigeria, Ken Opara, Ph.D, FCIB noted that PAPPS is disruptive, innovative and revolutionary”. He expressed delight the instant cash payment system created by PAPSS is a major milestone to leapfrog African trade.
