Access Bank took centre stage at the inaugural Pan-African Payment and Settlement System (PAPSS) COWRY 2025 Participants Forum in Lagos, showcasing its leadership in promoting cross-border financial integration across Africa. The event convened key figures including policymakers, regulators, banking leaders, and payments professionals to map out the future of a connected African payment ecosystem that can empower businesses, support small and medium enterprises (SMEs), and advance economic growth under the African Continental Free Trade Area (AfCFTA).
With cross-border transactions historically hindered by slow processes, high costs, and reliance on third-party currencies like the US dollar, the need for a pan-African payment solution has never been greater. PAPSS was created to allow instant and secure payments in local African currencies, reducing dependence on foreign currency corridors and improving settlement efficiency between African markets.
Discussions at the forum centred on “Building an interoperable and sovereign African payment ecosystem for trade and economic growth,” a theme that reflects the wider goal of economic integration across the continent. As markets become more connected, businesses of all sizes stand to benefit from faster remittances to more predictable cash flows, especially important for SMEs that are the backbone of many African economies.
Through its AccessAfrica initiative, Access Bank is playing a central role in this shift. The bank’s platform already supports fast, secure, and cost-effective payments across more than 20 African corridors, enabling real-time transactions that would otherwise be delayed by traditional correspondent banking networks. Forum contributors, including Access Bank’s Head of International Remittance & Payments for African Subsidiaries, Naco Bolote, and Unit Head of Remittances, Aminat Olatunji, shared insights on how evolving settlement infrastructures are reshaping continental financial flows.
“The progress made with PAPPS reinforces Access Bank’s commitment to real-time settlement and financial integration across Africa, and we remain dedicated to collaboration and innovation, ensuring Africans can move money quickly, reliably, and at scale,” Bolote said.
PAPSS has already attracted participation from multiple central and commercial banks and is poised to save Africa an estimated $5 billion annually in payment costs by eliminating expensive FX conversion and intermediary fees. This financial benefit strengthens intra-African trade by making transactions cheaper and more efficient, contributing to broader economic growth across the continent.
In summary, Access Bank’s advocacy for PAPSS highlights a transformative moment for Africa’s financial landscape, one that could unlock greater trade, boost economic cooperation, and move the continent closer to a truly borderless marketplace.
