Nigeria simplifies documentation for pan-African payments system
Revised process will affect PAPPS payments of up to $2,000 for individuals and $5,000 for businesses
The Central Bank of Nigeria announced on April 28 that it was simplifying the documentation necessary to make low-value payments through the Pan-African Payment and Settlement System (PAPSS).
In a statement, the bank said basic anti-money laundering and know-your-customer documents would be the only ones required for payments of up to $2,000 by individuals and $5,000 by corporations.
“All export proceeds repatriated via PAPSS shall be subject to certification by the respective processing banks,”
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