Fidelity Bank has officially launched the Pan-African Payment and Settlement System (PAPSS) in Nigeria after recording over ₦46B in pre-launch transactions.
Speaking at the launch event in Lagos, Mr Kevin Ugwuoke, Executive Director and Chief Risk Officer, Fidelity Bank Plc, described the PAPSS partnership as a strategic milestone in removing one of Africa’s biggest trade barriers – cross-border payments.
“As Nigeria’s leading supporter of SMEs, this partnership positions us to serve this critical market segment with even greater efficiency and impact. The role of PAPSS is not just a win for Fidelity Bank, but for the businesses, entrepreneurs, and individuals who trade, transfer funds, and make payments across Africa’s borders,” Mr Ugwuoke said.
According to the bank, businesses and individuals can make instant, secure, and cost-effective cross-border payments in local currencies – boosting trade, empowering SMEs, and cutting reliance on foreign banks.
