Cash limit to quicken bank's migration to PAPSS network

• Published date: 11 January 2023
• Publication title: Nigeria - The Nation

The implementation of the Central Bank of Nigeria's (CBN's) cash withdrawal limit directive is expected to quicken banks' migration to the Pan-African Payment and Settlement System (PAPSS) platforms.

The CBN policy limits weekly cash withdrawal across various platforms to N500,000 and N5 million for individual and corporates.

It is expected that banks, which are already undergoing certification and integration of their processes for onward migration to the PAPSS, will quicken the exercise as more people embrace digital payment.

Last year, the PAPSS commenced digital payment on the continent with first transactions carried out between FirstBank of Nigeria Plc and Ghana Commercial Bank.

The report said Nigeria Interbank Settlement System (NIBSS) collaborated with PAPSS, Africa Export-Import Bank (Afreximbank) in partnership with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) to achieve the maiden transaction.

The sector report said PAPSS transaction was leveraged through the NIBSS platform for interoperability.

The report said PAPSS payment platform is simplifying transactions by transforming and facilitating payment, clearing and settlement for cross-border trade across Africa using 41 recognised currencies.

The PAPSS was launched across the financial and payments systems of some African countries.

The report said PAPSS serves as a cross-border payments and settlement platform for the Africa continent.

'It is available leveraging the NIBSS Instant Payment platform for commercial banks, Fintechs, payment service providers, card schemes and other payment industry players to integrate for Intra-African Trade and other economic activities among African countries,' it said.

'The PAPSS recognises over 41 currencies and it enables instant...