CBN PAPSS Reforms To Boost Intra-Africa Trade – RMB

Rand Merchant Bank (RMB) has lauded recent reforms by the Central Bank of Nigeria (CBN), particularly, in relation to the Pan-African Payment and Settlement System (PAPSS), as transformative steps poised to unlock trade potential within the continent.

Speaking at the Global Trade Review (GTR) West Africa Conference 2025, the head of Treasury and Trade Solutions at RMB Nigeria, Oluwaseyi Onanuga, emphasised the critical role of financial and regulatory reforms in catalysing intra-African trade and economic resilience.

Speaking on “Ghana, Nigeria and Beyond: Assessing Trade Prospects” he said, “the robust economic reforms initiated by Nigeria’s current administration, such as the removal of fuel subsidies and liberalisation of the foreign exchange market, are commendable. These are key to macroeconomic stability and investor confidence.”

He noted that beyond national policies, regional financial integration initiatives like PAPSS, an African Union-backed payment infrastructure are essential to driving seamless cross-border trade under the African Continental Free Trade Area (AfCFTA).

The GTR West Africa 2025 conference, themed: ‘Financing Growth in West Africa’s Trade Epicentre,’ brought together more than 45 speakers and a host of stakeholders from across the continent to discuss trade finance, supply chains, infrastructure, and policy reforms.

RMB’s participation underscored its strategic interest in deepening financial connectivity and trade across West Africa.

With an optimistic outlook, Onanuga said, “as Nigeria and Ghana make critical strides in reform and regional alignment, the future of intra-African commerce is promising. We see a broader, more inclusive trade-finance landscape emerging—one that’s driven by policy innovation, resilient infrastructure, and pan-African cooperation.”