Nigeria: Afreximbank payments system can lift foreign trade, PAPSS CEO Ogbalu says

By David Whitehouse
Posted on Wednesday, 11 January 2023 06:00

Instant cross-border African payments need to become the norm. REUTERS/Macline Hien.

Business payment times between Nigeria and Ghana can take anywhere up to seven and 14 days. Rather than transfer money, it has been faster to just get on a plane in Lagos with a suitcase full of cash and catch a plane to Accra...until now.

The Pan African Payment and Settlement System (PAPSS) can end such anachronistic delays and contribute to making African free trade a reality, PAPSS CEO Mike Ogbalu III tells The Africa Report.