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- United Bank for Africa (UBA) has announced that customers tin present nonstop and person wealth successful naira crossed Africa via PAPSS
- UBA announced this recently, asking its customers to leverage the level for cross-border transactions
- PAPSS is simply a centralised outgo and colony strategy to facilitate instant, unafraid and cross-border transactions passim the continent
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
United Bank for Africa (UBA) has disclosed that its customers tin present nonstop and person wealth successful naira crossed Africa via the Pan-African Payment Settlement System (PAPSS).
The slope announced this connected X, asking its customers to leverage PAPSS for cross-border transactions for Nigerians and different Africans.
Source: Getty Images
Afreximbank launched PAPSS to easiness payment
PAPSS was launched successful January 2022 by the African Export-Import Bank (Afreximbank) successful concern with the AU and the African Continental Free Trade Area (AfCTA) Secretariat.
It is simply a centralised outgo and colony strategy to facilitate instant, unafraid and cross-border transactions passim the continent.
It enables transactions straight successful section currencies, eliminating reliance connected third-party currencies specified arsenic the dollar oregon the euro.
According to reports, PAPSS lowers transaction costs and accelerates commercialized flows, supporting the accelerated maturation of commercialized activities espoused nether the Afcfta framework.
UBA highlights benefits of PAPSS
Meanwhile, UBA stressed the extended scope of PAPSS, saying that customers tin present nonstop and person funds successful respective African countries, including Ghana, Sierra Leone, Liberia, Gambia, Guinea, Kenya, Rwanda, Zimbabwe, Zambia, and Djibouti, BusinessDay reported.
UBA highlighted that the inaugural is simply a measurement guardant successful its program to present innovative banking solutions that cater to the evolving needs of its customers locally and internationally.
CBN sends directives to banks connected PAPSS
In April 2025, Legit.ng earlier reported that the Central Bank of Nigeria has said that authorised trader banks can present root forex independently for the Pan-African Payment and Settlement System (PAPSS) via the Nigerian Foreign Exchange Market (NAFEM), without going done it.
CBN disclosed this successful a connection signed by Hakama Sidi Ali, its Acting Director of Corporate Communications, connected Monday, April 28, 2025, aft unveiling the revised documentation requirements for PAPSS transactions successful the country.
PAPSS aims to trim reliance connected dollar transactions
The slope said the determination is portion of its ongoing efforts to beforehand a hassle-free intra-African trade, boost fiscal inclusion, and amended operational ratio for Nigerians operating cross-border payments successful Africa.
Under the caller rule, customers operating low-value transactions tin present usage basal Know Your Customer (KYC) and Anti-Money Laundering documents already provided to their trader banks.
Source: UGC
Individuals transacting up to $2,000 successful naira equivalent and firm bodies up to $5,000 equivalent are eligible for the papers regime.
Tanzania bans the usage of overseas currencies
Legit.ng antecedently reported that Tanzania has officially banned the usage of overseas currencies, including the US dollar, for each home transactions.
This means that the Tanzanian shilling (TZS) indispensable beryllium utilized exclusively to wage for products and services wrong the country.
This comes aft the Tanzanian shilling mislaid much than 10% of its worth against the US dollar, making it Africa's worst-performing currency successful 2024, according to Bloomberg data.
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Source: Legit.ng
