By:
Nana Appiah Acquaye
The
Pan-African Payment and Settlement System (PAPSS) is advancing efforts to
strengthen its adoption in Nigeria following high-level discussions with the
Central Bank of Nigeria (CBN).
PAPSS
Chief Executive Officer Mike Ogbalu III met with Muhammad Sani Abdullahi to
explore strategies for expanding the use of the platform and enhancing
collaboration with regulatory authorities.
The
meeting focused on accelerating ecosystem participation, increasing engagement
with financial institutions, and positioning Nigeria as a key driver of
seamless cross-border payments in local currencies.
Officials
highlighted the importance of strengthening partnerships between PAPSS and the
Central Bank of Nigeria to support efficient, secure, and instant payment
systems that facilitate trade across African markets.
The
initiative is aligned with broader continental goals under the African
Continental Free Trade Area, which seeks to boost intra-African trade by
reducing barriers and improving financial integration.
PAPSS
said it remains committed to working with regulators and financial institutions
in Nigeria to drive adoption, unlock trade opportunities, and advance Africa’s
payment integration agenda.
