CBN reviews documentation requirements for PAPSS transaction

The Central Bank of Nigeria (CBN) has announced a review of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.

The CBN made this known via a statement issued by its Acting Director of Corporate Communications Department, Hakama Sidi-Ali, on Monday, April 28, 2025.

Sidi-Ali said the initiative was part of the CBN’s ongoing commitment to foster seamless intra-African trade and financial inclusion.

Sidi-Ali said it would also boost operational efficiency for Nigerians engaging in cross-border payments in Africa.

She stated that the initiative was inaugurated by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022.

The CBN spokesperson said: “PAPSS serves as a centralised payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

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“By facilitating payments in local currencies, PAPSS minimises reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.”

Sidi-Ali said applicants were responsible for ensuring that all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.

Sidi-Ali added: “Authorised Dealer Banks may now source foreign exchange for PAPSS settlements through the Nigerian Foreign Exchange Market (without recourse to the CBN).

“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.

“The CBN urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.

“In addition, CBN encourages exporters, importers and individuals to familiarise themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa.”

The Star