President Bola Tinubu has called on African countries to adopt the Pan-African Payment and Settlement System (PAPSS) to boost financial integration and strengthen economic ties across the continent.
Speaking at the Afreximbank 32nd Annual Meetings, Tinubu highlighted PAPSS as a game-changer for Africa’s financial landscape. He said the system would allow countries to settle cross-border transactions instantly in local currencies, reducing reliance on foreign exchange and cutting billions in transaction costs each year.
“I urge all Africans, all African nations, to embrace PAPSS because deeper financial integration strengthens our collective resilience,” Tinubu said.
The president noted that Nigeria has already formally approved PAPSS, with the Central Bank of Nigeria instructing all banks to process cross-border payments through the platform. This move aims to make transactions faster and more affordable for Nigerian businesses and individuals trading within Africa.
Afreximbank President Benedict Oramah explained that PAPSS is integrating 42 payment systems across Africa and has already onboarded about 160 commercial banks in 16 countries. The system, supported by a $3 billion settlement fund, also features an African Currency Marketplace and new credit and debit cards that let users spend their national currencies across participating countries.
Oramah added that PAPSS is helping to unlock new opportunities, such as enabling investors to buy stocks across African exchanges using their local currencies.
Tinubu stressed that Africa’s financial future depends on such innovations and called for greater support for Afreximbank to expand its impact. He also announced the launch of the Africa Energy Bank in Abuja, which will finance the continent’s energy transition.
With PAPSS, experts believe Africa is taking key steps toward a more unified financial market, and possibly, a single continental currency in the future.
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