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CBN Announces Revised Documentation Requirements for PAPSS Transactions

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment &Settlement System (PAPSS) in Nigeria.In a statement by the Acting Director of Corporate Communications, Hakama Sidi-Ali yesterday said that the initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.

Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBNoutlined the key changes to the documentation requirements associated with PAPSStransactions.According to the statement the key changes which will take immediate effect include, simplified Documentation for Low-Value Transactions: Customers may now use basic KYC and AML documents provided to their Authorized Dealer Banks (ADBs) for low-valuetransactions (USD2,000 and USD 5,000 equivalent in Naira for Individuals and corporate, respectively).Similarly, for transactions above the thresholds, all documentation as stipulated in the CBN Foreign Exchange Manual and related circulars remain mandatory.”Applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies”, the statement added.

Foreign News

French Butchers’ shops Closed After Child Dies of Rare Illness

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 Authorities in northern France have shut two butcher’s shops after several children were hospitalised and one died from a rare illness thought to be linked to infected meat products.

Investigators found that most of the children had eaten meat from the shops in Saint-Quentin, the prefecture announced on Friday.

The children aged between one and 12, eight children from the town of 53,000 inhabitants and surrounding area were hospitalised in the past week with severe diarrhoea.

Five developed haemolytic uraemic syndrome (HUS), a rare form of acute kidney failure, from which a 12-year-old child has died.

HUS usually occurs in children as a result of an intestinal infection, it leads to the formation of blood clots that block the brain, heart and kidneys in particular.

Up to 165 cases of children with HUS syndrome are documented in France each year.

The authorities urged residents not to consume meat products bought in the closed shops until laboratory tests have proven the cause of the illness beyond doubt.(dpa/NAN)

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Foreign News

Over 650 Die in Iran After First Week of Israeli strikes

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More than 650 people have been killed in Iran following a massive Israeli bombing campaign launched a week ago, an activist group said on Friday.

The U.S.-based Human Rights Activists News Agency (HRANA) reported that 657 people have died and 2,037 have been injured in the nationwide airstrikes.

The Iranian government does not publish daily figures on casualties.

HRANA relies on a broad network of informants and publicly available sources.

The group said the dead include at least 263 civilians and 164 members of the military.

Another 230 fatalities remain unidentified.

The network also reported damage to civilian infrastructure, including a projectile striking a children’s hospital in Tehran, which did not result in any injuries.

In the western province of Ilam, a fire station was damaged, HRANA said, while an Israeli attack on a car factory in western Iran triggered a large fire.

Israel maintains its objective is to prevent Iran from acquiring nuclear weapons, which it considers an existential threat. (dpa/NAN)

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Education

NDIC Urges Youths To Shun Cybercrime, Embrace Financial Discipline

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The Nigeria Deposit Insurance Corporation (NDIC) has advised youths to steer clear of cybercrimes and embrace legitimate sources of income to secure their future.

Mr Adefemi Shaba, NDIC Port Harcourt Zonal Controller, gave the remark on Friday while addressing over 300 students at the 2025 Financial Literacy Day held at Community Secondary School Okoro-Nu-Odo, Rumuagholu, Obio/Akpo area of Rivers.

The theme of the event was “Think Before You Follow, Wish Money for Tomorrow.

Shaba emphasised the need for students to reject the ‘get-rich-quick’ mentality, saying that they should invest their time in productive and meaningful ventures that would secure their future.

According to him, cybercrime and other unlawful means of making money are destructive to progress, that must be avoided at all costs.

He explained that NDIC, in collaboration with the Central Bank of Nigeria (CBN), monitored and supervised banks to ensure safe and sound banking practices.

“NDIC is mandated to protect depositors’ funds, maintain stability within the financial system, guarantee bank deposit liabilities, and protect an efficient and effective payment system.

“This is why we are here – to educate students on managing their finances, saving, and investing for the future,” he stated.

Also speaking, Mr Alfred Ijah, Senior Manager, Communication and Public Affairs, NDIC, described the lack of financial literacy as a key challenge affecting the nation’s financial institutions.

He encouraged students to work hard, earn legitimately, and develop sound financial habits.

“It is important to cultivate the habit of saving, investing wisely, spending responsibly, and helping those in need.

“Making money through internet fraud, theft, or gambling is illegal. Money made through such means lacks legitimacy and is difficult to preserve or manage,” Ijah said.

Mr Peter Njoku, Assistant Director, Rivers State Ministry of Education, commended NDIC for selecting the state to host this year’s Financial Literacy Day.

Njoku, who represented the state government, stressed the critical importance of equipping young people with the knowledge of financial planning and long-term financial viability.

He urged students to apply the knowledge gained to improve their lives and grow into responsible citizens.

“Youths engaging in internet fraud require proper re-orientation, as cyber fraud is no different from stealing or robbery.

“They must desist, because every day is for the thief, but one day is for the owner of the house.

“If they persist, it will only lead to ruin, destroying their future and potential,” he concluded. (NAN)

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