Access Bank Plc has waived outgoing transfer fees on cross-border payments made through the Pan-African Payment and Settlement System (PAPSS), with the aim of encouraging the use of local currency payments across Africa until April 30, 2026.
The initiative allows customers to send funds from Nigeria in naira to other African countries, with recipients receiving the amounts in their local currency without outgoing fees. It applies to transactions made through the Access Africa module, accessible on the bank’s digital platforms and in its branch network.
Access Bank states that this measure aims to reduce the cost of cross-border payments and boost transaction volumes via PAPSS. “We want to remove financial barriers related to cross-border transfers in Africa,” said Aminat Olatunji, head of the bank’s remittance unit.
According to the official, the institution is focusing on user experience to promote the adoption of the system.
Launched to facilitate intra-African settlements in local currencies without going through third-party currencies like the US dollar, PAPSS is part of broader efforts by banks and regulators on the continent to support the implementation of the African Continental Free Trade Area (AfCFTA) and boost regional trade.
