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.
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