.. Digital cross-border payments offer businesses a faster way to settle eligible transactions in local African currencies
Nigeria’s expanding business relationship with other African markets is creating new opportunities for manufacturers, traders, exporters, technology companies and small businesses.
A Nigerian fashion entrepreneur may source fabrics from Ghana, a pharmaceutical distributor may purchase products from Kenya, while a technology company in Lagos could serve customers in Rwanda or Zambia.
But while finding customers and suppliers across Africa is becoming easier, making payments across borders can still present challenges.
Businesses may have to deal with foreign currency requirements, intermediary banks, multiple currency conversions and longer processing periods. For companies managing tight cash flows and supply schedules, such delays can affect operations.
This is where the Pan-African Payment and Settlement System, known as PAPSS, comes in.
PAPSS is designed to facilitate secure and near-instant payments between participating African countries. Through the system, an eligible Nigerian customer can initiate a transaction in naira, while the beneficiary receives the equivalent value in the applicable local currency.
The arrangement can reduce the need to source US dollars or euros for eligible intra-African transactions while limiting additional currency conversions and reliance on correspondent banks outside the continent.
For businesses, this can translate into a simpler payment process, faster settlement and greater visibility over transaction costs.
At Fidelity Bank Plc, PAPSS transfers can be completed in about 120 seconds, subject to applicable requirements and the receiving market.
The speed can be particularly useful for businesses that need to settle supplier invoices quickly, protect delivery timelines or complete transactions with partners in other African markets.
PAPSS is also available for a range of eligible personal and commercial transactions. Businesses can use the platform for qualifying payments to suppliers, distributors, service providers and other commercial partners, while individuals can make approved payments such as school-related expenses and family support across supported African corridors.
For companies involved in regional trade, the benefit goes beyond convenience.
A manufacturer waiting for raw materials can settle an eligible invoice more efficiently, while a retailer purchasing products from another African market may have less difficulty dealing with foreign currency requirements.
Exporters can also receive eligible payments in naira for goods sold across Africa, subject to applicable regulatory and export procedures.
Fidelity Bank has built experience with PAPSS since onboarding the system in September 2024.
The bank recorded more than ₦46 billion in transactions during its early adoption phase, before its official launch in August 2025.
PAPSS also identified Fidelity Bank as one of the first Nigerian banks to meet the relevant integration requirements.
The bank has since expanded access through its digital banking platforms and branch network.
Customers can initiate eligible PAPSS transactions through the Fidelity Mobile App, Fidelity Online Banking or at a Fidelity Bank branch. Those requiring assistance can also speak with their Relationship Managers or visit a branch for guidance on documentation and transaction requirements.
The combination of digital access and branch support is particularly relevant to businesses that may require assistance with documentation, compliance or other transaction conditions.
Security remains an important part of the payment process.
Transactions are authenticated and processed through formal banking channels, with applicable validation, compliance and regulatory checks. Customers are expected to provide accurate beneficiary details, transaction purposes and supporting documents where required.
The growing use of PAPSS comes as businesses increasingly look beyond their domestic markets for suppliers, customers and investment opportunities.
The African Continental Free Trade Area is also providing a framework for deeper economic integration and increased trade among African countries.
According to TechCabal, PAPSS is live in 19 countries, connecting more than 160 commercial banks and over 15 national switches.
As African commerce becomes increasingly digital, payment infrastructure is becoming an important part of how businesses participate in regional trade.
For Nigerian businesses exploring opportunities across the continent, the ability to make eligible payments efficiently can support cash-flow planning, supplier relationships and expansion into new markets.
Fidelity Bank's early adoption of PAPSS, transaction experience, digital channels and branch network position it to support customers seeking access to the payment system.
With Fidelity Bank PAPSS, eligible customers can send money in naira to selected African countries, while beneficiaries receive the applicable value in their local currencies.
For businesses seeking to participate more actively in Africa's growing commercial ecosystem, PAPSS provides another route for moving money across supported markets.
Customers can visit the Fidelity Bank website or the nearest branch to begin an eligible PAPSS transaction. Transactions remain subject to applicable requirements, limits, charges, regulations, terms and conditions.
