By Japhet Davidson 

LAGOS—For quick, efficient and effective financial transactions, African countries have been urged to embrace the Pan-African Payment and Settlement System, PAPSS, a platform that facilitates instant crossborder payments in local African currencies.

This was the submissions of experts during the 23rd AGM of International Chamber of Commerce Nigeria (ICCN) and Post-AGM Talk held in Lagos. 

Speaking on the topic, the workings of PAPSS, the guest speaker, Mr. Mike Ogbalu III, CEO, Pan African Payment and Settlement System at African Export-Import Bank (Afrexim Bank) who painted a graphic picture of the challenges of trading and transactions among African countries before the establishment of PAPSS stated that African do not have a central currency and it affects their business transaction.

“Most cross-border payment transactions originating from African banks are cleared outside the continent, with less than 20% of the total payment flows being cleared in Africa.” It was the need to bridge that gap that PAPSS was established by Afreximbank. 

As a central financial participants market infrastructure, FMI, to support payment arrangements for the purpose of expanding the international trade of African States.

Chief Host and Chairman of ICC Nigeria, Mr. Babatunde Savage, who reviewed the events and opportunities of the body in the year commended the board members and other partners for their support and promised that “our relationship with our development partners, bilateral and multilateral institutions,, amongst others would be sustained.

Bamidele Osinlu, who represented  First Bank , commended ICCN for their role in promoting business transactions in Nigeria. Pointing out that PAPSS, has come to revolutinise payments in Africa.