Susan Abayomi
For many Nigerian businesses, the next phase of growth may lie beyond the country’s borders. A fashion entrepreneur may source premium fabrics from Ghana, while a pharmaceutical distributor could purchase essential products from Kenya. Manufacturers may pay suppliers across different African markets, while technology companies in Lagos can serve customers in countries such as Rwanda and Zambia.
Commercial relationships are expanding across the continent as businesses identify new suppliers, customers and investment opportunities. The African Continental Free Trade Area (AfCFTA) is supporting this growth by providing a framework for deeper economic integration, broader market access and increased intra-African trade.
Farmers, traders, cooperatives, commodity aggregators and small businesses are equally exploring digital platforms and structured networks that can connect them with opportunities across the region.
However, identifying an opportunity is only the beginning. Businesses also need reliable ways to pay suppliers, settle invoices and receive proceeds from transactions. Traditional cross-border payment channels can involve foreign currency requirements, intermediary banks, multiple currency conversions, additional charges and lengthy processing times.
These challenges can put pressure on cash flow, affect supply schedules and make it more difficult for businesses to expand into other African markets.
The Pan-African Payment and Settlement System (PAPSS) is helping to address some of these challenges. PAPSS is a payment infrastructure designed to facilitate secure, efficient and near-instant transactions between participating African countries.
Through the system, a Nigerian customer can initiate an eligible payment in Naira, while the beneficiary receives the equivalent value in the applicable local currency.
This local-currency payment model reduces the need for businesses to source US dollars or euros before completing eligible transactions within Africa. It can also reduce the need for multiple currency conversions and reliance on correspondent banks outside the continent.
For Nigerian businesses, the result can be a simpler payment process, faster settlement and greater visibility into transaction costs.
Speed is another important feature of PAPSS. Through Fidelity Bank Plc, eligible PAPSS transfers can be completed in as little as 120 seconds, subject to applicable requirements and the receiving market.
Faster settlement can help businesses respond promptly to supplier payment requests, maintain agreed delivery schedules and move from negotiation to execution with greater confidence.
PAPSS also supports a range of eligible personal and commercial payment needs. Business owners can use the service for qualifying payments to suppliers, distributors, service providers and other commercial partners. Parents and guardians can make eligible school-related payments, while individuals can use the platform for approved family support and other permitted transactions across supported African corridors.
For businesses engaged in regional trade, the benefits extend beyond convenience. Faster cross-border payments can contribute to more predictable cash flow, stronger supplier relationships and improved operational planning.
For example, a manufacturer awaiting raw materials can settle an eligible invoice more efficiently. A retailer sourcing products from another African country can reduce some of the challenges associated with obtaining foreign currency. An exporter may also receive eligible payments in Naira for goods sold across Africa, subject to applicable regulatory and export requirements.
Choosing the right banking partner is important when processing PAPSS transactions. Fidelity Bank combines digital banking services, a broad branch network and experience supporting small and medium-sized enterprises, exporters and businesses seeking opportunities across Africa.
Customers can initiate eligible PAPSS transfers through the Fidelity Mobile App, Fidelity Online Banking or at a Fidelity Bank branch. Those who require assistance can also consult their Relationship Managers or visit a branch for guidance on applicable documentation and transaction requirements.
Fidelity Bank has also developed considerable experience with the PAPSS platform. The bank onboarded PAPSS in September 2024 and recorded more than N46 billion in transactions during the early adoption phase before the platform’s official launch in August 2025.
PAPSS also identified Fidelity Bank as one of the first Nigerian banks to meet the relevant integration requirements. This experience provides a strong foundation for customers seeking banking support for eligible cross-border transactions across Africa.
The bank has continued to expand access to PAPSS through its digital channels and branch network. Customers can access the service through the Fidelity Mobile App and Fidelity Online Banking, while those who prefer face-to-face assistance can visit a branch.
This combination of digital access and in-person support provides individuals, small businesses and larger organisations with multiple options for processing eligible PAPSS transactions.
Security remains an important part of the PAPSS proposition. Transactions are authenticated and processed through formal banking channels, providing customers with a structured means of transferring funds across supported African markets.
Applicable validation, compliance and regulatory checks form part of the payment process. Customers are therefore expected to provide accurate beneficiary information, transaction details and supporting documentation where required.
The growing adoption of PAPSS reflects the changing nature of commerce across Africa. As businesses increasingly rely on digital tools to identify suppliers, coordinate transactions and reach customers in other countries, they also require payment infrastructure capable of supporting that connectivity.
PAPSS is already live in 19 countries and connects more than 160 commercial banks and over 15 national switches, according to TechCabal.
Fidelity Bank is positioned to help Nigerian businesses take advantage of the expanding payment network. Its early adoption of PAPSS, transaction experience, digital banking channels and branch support offer customers convenient access to eligible cross-border payments across Africa.
By using Fidelity Bank’s PAPSS service, businesses can access a payment solution designed to support faster, secure and more efficient transactions as they explore opportunities in regional markets.
As intra-African trade continues to grow, businesses that can move money efficiently will be better positioned to secure supplies, maintain 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.
Africa is closer with PAPSS at Fidelity Bank.
Customers can visit the Fidelity Bank website or the nearest Fidelity Bank branch to initiate an eligible PAPSS transaction. Transactions are available across supported corridors and remain subject to applicable requirements, limits, charges, regulations, terms and conditions.
