Access Bank Plc has announced a waiver of outbound transfer charges on cross-border payments to other African countries through the Pan-African Payment and Settlement System (PAPSS). The move, aimed at accelerating the use of local-currency payments across the continent, takes effect from February 1 to April 30, 2026.
Under the initiative, customers can send money from Nigeria in Naira to other African countries, while beneficiaries receive funds in their local currencies with no outbound transfer costs. The fee waiver applies to transactions conducted via the Access Africa module on the bank’s digital platforms and at branches nationwide, making cross-border payments more affordable for individuals and businesses involved in trade, remittances, education, and family support.
PAPSS is a continent-wide payment infrastructure that enables 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.
Aminat Olatunji, Unit Head of Remittances at Access Bank, explained that the initiative aims to remove cost barriers for 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.”
Olatunji added that the bank is focusing 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.”
The campaign aligns with broader efforts by African banks and regulators to deepen PAPSS adoption under 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 will educate customers on how to use PAPSS through its digital channels and physical branches.
