Fidelity Bank PAPSS Facilitates Faster Cross-Border Trade for Nigerian Businesses

By Adebola Muili

Fidelity Bank Plc has highlighted the role of the Pan African Payment and Settlement System (PAPSS) in facilitating faster and more efficient cross-border payments for Nigerian businesses trading with other African countries.

The bank said the payment infrastructure was helping businesses overcome some of the challenges associated with traditional cross-border transactions, including foreign currency requirements, multiple currency conversions, intermediary banks and lengthy processing periods.

PAPSS is designed to facilitate secure and near-instant payments between participating African countries, allowing eligible transactions to be initiated in a customer’s local currency while the beneficiary receives the equivalent value in the applicable local currency.

According to Fidelity Bank, the system could enable Nigerian businesses to settle eligible payments to suppliers, distributors and other commercial partners across Africa without first sourcing United States dollars or euros for the transaction.

The bank said the arrangement could reduce avoidable currency conversions and reliance on correspondent banks outside Africa, while improving transaction visibility and helping businesses manage cash flow more effectively.

Fidelity Bank stated that PAPSS transfers conducted through its platforms could be completed in about 120 seconds, subject to applicable requirements and the receiving market.

It said the speed of settlement could be particularly beneficial to manufacturers, retailers, exporters, commodity traders and other businesses that depend on timely payments to suppliers and commercial partners.

The bank also noted that PAPSS could support eligible personal transactions, including certain school-related payments and family support transfers across participating African countries.

On its experience with the payment system, Fidelity Bank said it onboarded PAPSS in September 2024 and recorded more than N46 billion in transactions during its early adoption phase before the official launch of the service in August 2025.

It further stated that PAPSS had identified Fidelity Bank as one of the first Nigerian banks to meet the relevant integration requirements.

The bank said customers could initiate eligible PAPSS transactions through the Fidelity Mobile App, Fidelity Online Banking or at any of its branches, while Relationship Managers and branch personnel were available to provide guidance on documentation and transaction requirements.

Fidelity Bank explained that the service was particularly relevant to Nigerian businesses seeking to take advantage of growing trade opportunities under the African Continental Free Trade Area (AfCFTA), which provides a framework for deeper economic integration and increased intra-African trade.

It said easier access to cross-border payment infrastructure could help businesses strengthen relationships with suppliers, improve operational planning and explore new markets across the continent.

The bank, however, advised customers to ensure that beneficiary details, transaction purposes and supporting documents were complete and accurate before initiating PAPSS transactions, noting that applicable validation, compliance and regulatory checks remained part of the process.

PAPSS is currently operational across 19 African countries and connected to more than 160 commercial banks and over 15 national payment switches, according to information cited by technology publication TechCabal.

Fidelity Bank said the expansion of PAPSS reflected the growing need for payment systems capable of supporting the increasing volume of intra-African commerce.

The bank added that transactions remained subject to applicable regulatory requirements, limits, charges, terms and conditions, as well as the availability of supported payment corridors.