Nigerians will be able to send money to other African countries without paying outbound transfer fees under for transactions carried out under Access Bank’s Pan-African Payment and Settlement System (PAPSS).
The bank disclosed that the move is aimed at accelerating the use of local-currency payments across the continent. Under the initiative, which runs from February 1 to April 30, 2026, customers can send money from Nigeria in naira to other African countries, while beneficiaries receive the funds in their local currencies, at no outbound transfer cost.
The fee waiver applies to transactions conducted via the Access Africa module on the bank’s digital platforms and branches nationwide, lowering the cost of cross-border payments for individuals and businesses involved in trade, remittances, education and family support across Africa.
PAPSS is a continent-wide payment infrastructure designed to enable real-time transfers between African countries without routing transactions through foreign currencies such as the US dollar. By processing payments in local currencies, the system is expected to reduce transaction costs, settlement time and foreign exchange pressure associated with intra-African payments.
Unit Head, Remittances at Access Bank, Aminat Olatunji, said the initiative is intended to remove cost barriers associated with cross-border transfers within Africa. “We want customers to see that sending money across Africa doesn’t have to be expensive or complicated. With this campaign, you send in Naira, your beneficiary receives in their local currency, and there’s no outbound cost. It’s that simple,” she said.
She added that the bank’s focus is on encouraging actual transaction volumes rather than publicity around the payment system.
“When people try it and see how easy it is, they understand the value. That’s how we build confidence in PAPSS and grow Africa’s payment ecosystem,” Olatunji said.
She noted that the campaign comes amid broader efforts by African banks and regulators to deepen adoption of PAPSS as part of the African Continental Free Trade Area (AfCFTA) framework, which seeks to boost intra-African trade by reducing non-tariff barriers, including payment and settlement constraints.
As part of the rollout, “Access Bank would educate customers on how to use PAPSS through its digital channels and physical branches.”
THE SUN NEWSPAPER
