Fidelity Bank Plc has integrated the Pan-African Payment and Settlement System (PAPSS) into its retail and corporate banking channels, enabling Nigerian SMEs, corporate entities and individual traders to execute instant cross-border payments across participating African markets directly in Naira.
Trading with other African countries has often been difficult for Nigerian businesses due to delays and the stress of searching for US Dollars or Euros.
The Pan-African Payment and Settlement System (PAPSS) is changing this experience by allowing businesses to send and receive payments directly in their local currencies.
Through Fidelity Bank, Nigerian business owners can now pay for goods and services in Naira, while suppliers in other African countries receive the money in their own local currency.
The biggest advantage of using PAPSS through Fidelity Bank is speed and simplicity. Traditional money transfers across African borders can take days and require costly foreign currency exchanges through foreign banks. With Fidelity Bank’s PAPSS platform, cross-border transfers can take as little as 120 seconds.
This quick processing helps manufacturers pay for raw materials on time, assists retailers in securing inventory faster and allows exporters to receive Naira directly for products sold across the continent. Beyond business transactions, the system also supports everyday personal needs, such as paying overseas school fees or sending money to family members in participating countries.
See also:Anthropic Researcher Warns of Over 10% Chance AI Could Cause Human Extinction
Fidelity Bank was an early adopter of the system, joining PAPSS in September 2024 and processing over ₦46 billion in transactions during its initial phase prior to the official launch in August 2025. It was recognized as one of the first Nigerian banks to meet all technical requirements for the platform.
As African trade gathers momentum, businesses that can move money efficiently will be better prepared to secure supplies, strengthen partnerships and enter new markets. With Fidelity Bank PAPSS, customers can send money in Naira to selected African countries while beneficiaries receive the applicable value in their local currencies.
Today, PAPSS connects over 160 commercial banks across 19 African nations. Customers can use the service through the Fidelity Mobile App, online banking or by visiting any physical branch across Nigeria.
About the Author
Praise fortune is a tech analyst and journalist based in Nigeria, Her work serves as a vital bridge between complex corporate maneuvers and the everyday reader, breaking down high-stakes financial, regulatory, and technological shifts across the African continent into clear highly readable narratives. With a deep focus on fintech, traditional banking transformation and digital infrastructure, she have become a dedicated analyst of the architects building Africa’s digital economy.
