PAPSS at Access Bank: Cross-Border Payments in Naira

PAPSS stands for the Pan-African Payment and Settlement System. It is a centralised payment and settlement infrastructure developed to facilitate intra-African trade and cross-border transactions, enabling payments across African countries in local currencies. By removing the need for third-party currency conversion and reliance on intermediary banks, it addresses the delays associated with correspondent banking. Access Bank makes the system available to both individual and corporate customers.

• Centralised cross-border payment and settlement infrastructure
• Payments settled in local currencies
• Removes dependency on third currencies and correspondent banking
• Open to individual and corporate customers

An Access Bank customer sends in Naira (NGN) and the recipient receives funds in the local currency of the destination country, with a competitive FX conversion rate applied to the transaction. Beneficiaries receive funds within 120 seconds of the transaction being initiated. Customers can send any amount, subject to FX availability, and final settlement of funds to the recipient participant is guaranteed.

• Send currency: Naira (NGN)
• Receive currency: local currency of the destination country
• Funds available within 120 seconds
• Any amount, subject to FX availability

PAPSS supports cross-border payments from Nigeria to 11 other African countries in which the system is live. The coverage spans West, East and Southern Africa as well as the Horn of Africa.

• Ghana
• Sierra Leone
• Liberia
• Gambia
• Zimbabwe
• Guinea
• Djibouti
• Kenya
• Zambia
• Rwanda
• Malawi

Access Bank applies documentation thresholds based on customer type. Individuals can process transactions up to the Naira equivalent of $2,000 monthly without supporting documentation, while corporate entities have a threshold of $5,000 equivalent monthly. Above these limits, full documentation as stipulated in the CBN Foreign Exchange Manual remains mandatory.

Customers can initiate PAPSS transactions through the AccessMore app or in person at an Access Bank branch, with the bank citing a network of over 500 branches. The service appears within the bank's Money Transfer product range on its website.

• AccessMore mobile app
• In branch, across over 500 branches
• Listed under Access Bank Money Transfer products

Access Bank sets out a number of benefits for PAPSS users. These centre on speed, cost and the removal of intermediaries from the payment chain, together with support for intra-African trade.

• Reduced correspondent banking bottlenecks and processing delays
• Instant payment in local currencies
• Immediate availability of funds for the beneficiary
• Lower transaction fees for cross-border sending
• Guaranteed final settlement to the recipient participant