Fidelity Bank is leveraging the Pan African Payment and Settlement System, PAPSS, to help Nigerian businesses make eligible cross-border payments and expand their operations across African markets.
The payment platform enables businesses to initiate eligible transactions in naira while beneficiaries receive the equivalent value in their local currencies. This reduces the need to source United States dollars or euros for eligible transactions and can minimise currency conversions and reliance on correspondent banks outside Africa.
Through Fidelity Bank, PAPSS transfers can be completed in as little as 120 seconds, subject to applicable requirements and the receiving market. The service is designed to support businesses paying suppliers, distributors and other commercial partners across participating African countries.
Fidelity Bank said customers can access PAPSS through its mobile application, online banking platform and branch network, with Relationship Managers available to provide guidance on documentation and transaction requirements.
The bank onboarded PAPSS in September 2024 and recorded more than 46 billion naira in transactions during its early adoption phase before the platform’s official launch in August 2025.
With African businesses increasingly exploring new markets under the African Continental Free Trade Area, Fidelity Bank said its PAPSS offering provides customers with a faster and more convenient payment channel to support regional trade and business expansion.