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.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
