CBN’s PAPSS Reforms will Transform Intra-African Trade, says RMB

Samuel Mobolaji

Rand Merchant Bank (RMB) has described the Central Bank of Nigeria’s recent reforms, particularly its support for the Pan-African Payment and Settlement System (PAPSS), as a major boost to unlocking the continent’s trade potential and accelerating economic integration under the African Continental Free Trade Area (AfCFTA).

Speaking at the Global Trade Review (GTR) West Africa Conference 2025, Head of Treasury and Trade Solutions at RMB Nigeria, Mr Oluwaseyi Onanuga, highlighted the importance of coordinated financial and regulatory reforms in strengthening intra-African trade and enhancing economic resilience.

Presenting on the topic “Ghana, Nigeria and Beyond: Assessing Trade Prospects,” Onanuga commended Nigeria’s recent macroeconomic policy decisions, including the removal of fuel subsidies and liberalisation of the foreign exchange market, as pivotal steps towards stabilising the economy and attracting investment.

He noted that while national reforms are critical, the continent’s long-term trade growth depends on regional financial infrastructure such as PAPSS, the African Union-backed system designed to simplify cross-border payments in local currencies. According to him, PAPSS is central to making the AfCFTA a truly functional trade framework.

“The economic reforms led by Nigeria’s current administration are commendable and form the foundation for long-term investor confidence,” Onanuga said. “Equally, platforms like PAPSS will be instrumental in enabling seamless and cost-effective trade across African borders.”

The GTR West Africa 2025 conference, themed “Financing Growth in West Africa’s Trade Epicentre,” brought together over 45 expert speakers and stakeholders from across the continent to explore issues around trade finance, regional infrastructure, supply chains, and policy harmonisation.

RMB’s participation at the event, Onanuga added, underscores the bank’s commitment to supporting deeper financial integration across West Africa and strengthening cross-border commerce.

“As Nigeria and Ghana continue aligning their reforms with regional trade frameworks, we are optimistic about the emergence of a more inclusive and dynamic trade-finance landscape—driven by innovation, infrastructure, and cooperation across Africa,” he said.