PAPSS is a financial market infrastructure that enables instant, cross-border payments in local currencies between African markets. It is designed to revolutionize cross-border payments, making them faster, cheaper, and more secure than ever before. Get started by visiting an Access Bank branch close to you.

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The Pan-African Payment Settlement System (PAPSS) is a centralized payment and settlement platform for intra-African trade and commerce payments which was created through a partnership between the West Africa Monetary Institute (WAMI), the African Export-Import Bank, and Afreximbank. PAPSS makes payments easier for you and formalizes informal cross-border trade, while supporting the Africa Continental Free Trade Area agreement (AfCFTA). This is aimed at boosting trade and payments among corporates and retail customers.

Pan-African Payment Settlement System (PAPSS)

The partnership with Access Bank and the Pan-African Payment and Settlement System will address the challenges and facilitate intra-African trade by providing an alternative to the current expensive and lengthy correspondent banking relationships, through a simple, low-cost and risk controlled instant payment clearing and settlement system.

PAPSS is currently live in the West African states Monetary Zone (WAMZ)

in the following countries: Nigeria, Gambia, Sierra Leone, Liberia, Ghana, and Guinea.


  • Payments are conducted instantly and in local currencies to regain value and domesticate intra- Africa payments as part of the ongoing pursuit of African-economic advancement.
  • The system conducts immediate checks for compliance, legal, and sanctions, ensuring that payments are processed within 120 seconds.

  • Settlement is on a Multilateral Net Basis and agreed settlement currencies.

  • By removing dependencies on 3rd currencies and correspondent banking, PAPSS reduces the cost of bank transfer within Africa.

  • Operates on a 24/7 basis.


  • Reduction in costs associated with correspondent banking fees and central delays.
  • Instant payment in local currencies. 
  • Enables clients to fully fund their trade obligations as against the current fragmented client’s FX purchase model.
  • The beneficiary has immediate access to funds.
  • Removes the dependencies on third currencies and correspondent banking; facilitates intra-African trade. 
  • Guarantees the final settlement of funds for the recipient participant.

Steps To Transact On PAPSS

  • Complete and Submit the PAPSS application request at any Access Bank branch.
  • Form is reviewed and submitted for necessary approvals 
  • Once approval is received, the sender’s Access Bank Naira account is debited for the principal amount and related charges.
  • The beneficiary receives payment in their local currency.
  • The sender receives notification of completed transaction.

Frequently Asked Question

PAPSS is a financial market infrastructure that enables instant, cross-border payments in local currencies between African markets.
PAPSS is available to all Access Bank customers who are engaged in Intra-Africa Trade.
CBN settlement will be strictly for eligible Trade transactions for SMEs and Corporates.

The eligible payment mode is Bills for Collections
The Central Bank model and the Commercial bank model
The limit per customer is $20,000.00 (Twenty Thousand US Dollars) per quarter.
Yes, for now only physical goods are being considered and must be on the CBN list of eligible items.
No. The request for approval would be per transaction and not for bulk transactions.

Central Bank must pre-approve the application request via the Stakeholder Validation portal.
Settlement for a transaction is T+1 and flows through NIBSS which has 12pm daily clearing session.
Import payments are restricted to goods of African origin.
Transactions are supported in local currencies i.e., from the sender currency to the beneficiary currency.
The Beneficiary bank must be a PAPSS participating bank.

For further enquiries?

  • Visit the nearest Access Bank branch for more information
  • Contact your Relationship manager for further engagement.

  • Contact our Contact Centre today via email at or call us on 0700 3000 000.

  • View information page on our website

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