CBN, Afrexim bank to foster payment infrastructure, trade through PAPSS

By Chioma Obinagwam

Nigeria’s central monetary authority, the Central Bank of Nigeria (CBN) has said it is partnering with African Export–Import Bank (Afreximbank) to improve payment infrastructure and trade.

Confiance News gathered from the CBN’s official Twitter handle on Tuesday.

The CBN governor, Godwin Emefiele also disclosed that they aim to achieve this through the Pan African Payments and Settlement System (PAPSS).

PAPSS, Confiance News learnt, is the first centralized payment market infrastructure for processing, clearing and settling of intra-African trade and commerce payments.

In the same vein, Emefiele tasked banks to support Nigerian businesses seeking to expand into new markets in Africa, by providing trade facilities to those with strong potentials for growth.

He added that the N500 billion non-oil export stimulation facility would bolster exports from Nigeria.

“CBN N500bn non-oil export stimulation facility with the Nigerian Export Import Bank (NEXIM) to enable greater exports of processed agriculture commodities from Nigeria,” Emefiele explained.

According to Wikipedia, Afreximbank, is a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank and headquartered in Cairo, Egypt.