Emefiele to drive financial firms’ adoption of new payment system

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) on Thursday said he will ensure that all financial institutions in Nigeria embrace the newly launched Pan-African Payment and Settlement System (PAPSS).

He said this in Ghana at the official launch of the PAPSS, a revolutionary financial market infrastructure to enable instant, cross-border payments in local currencies between African markets.

Emefiele noted that the $5 billion loss to the cost of payment in the continent will be a thing of the past, with the launch of PAPSS.

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PAPSS will serve as a continent-wide platform for the processing, clearing and settling of intra-African trade and commerce payments, leveraging a multilateral net settlement system.

“PAPSS has been brought about by our collective desire to facilitate and accelerate the growth of intra-African trade,” Emefiele said.