Manufacturers and small businesses are set to benefit from a new era of seamless cross-border payments, thanks to the launch of the Pan-African Payment and Settlement System- PAPSS Cowry, a game-changing payment platform.

This cutting-edge platform, backed by Afreximbank, the AU and AfCFTA, and recently launched in Lagos, promises to increase efficiency, reduce costs and boost trade across the continent as it connects 160 banks across 19 countries and positions Africa for a bigger share of its $329 cross-border market.

The platform delivers 120-second local currency settlement, removing USD bottlenecks, cutting FX friction and strengthening the African Continental Free Trade Area (AfCFTA) driven trade flows.

Mike Ogbalu, CEO of PAPSS, in his keynote address at the platform launch themed ‘Building an Interoperable and Sovereign Africa Payment Ecosystem for Trade and Economic Growth,’ explained that AfCFTA has provided a single market for the continent’s 1.9 billion people that needs a seamless cross-border payment platform to trade.

“We have created it as an ecosystem that will pack all of us together in a way that we are able to empower each other rather than compete,” he said.

“Create a centralised value that everybody can leverage without affecting the individual value proposition of all the entities that leverage this way,” he added.

He stated that the Pan-Africa payment rail has connected 19 countries and plans to expand to 40, adding that 160 leading commercial banks across the continent are connected to the platform.

“We are also now enabling fintech companies across the continent to be able to originate payments in one market and terminate them in another market,” he explained.

“PAPSS is that financial market infrastructure that allows for the processing of cross-border payments in local currencies and is able to do that in no more than 120 seconds,” he added.

He appreciated central banks across the continent for their support, saying that a governance infrastructure has been created to make sure the payment system continues to operate in the right way. He stressed that sovereign payments are critical for the continent’s survival.

Haytham EI Maayerigi, executive vice president – global trade bank, Afreximbank, stressed that African businesses still face real barriers, whose border payments remain slow, expensive, and impossible sometimes, with $5 billion lost yearly to third-currency routing.

He explained that the situation has made it difficult for small businesses to find trusted partners, affordable finance and adequate market information, noting that with AfCFTA advancing, it must be easy for firms to trade with each other.

He said Afrexim, which is a promoter of PAPSS, works daily to remove these obstacles. “Together with AfCTA and the African Union, we are building the institutional foundation of a truly integrated market, supporting a lot of the initiatives.”

“Through advisory, guarantees, certification and project preparation, we mobilise the capital that builds factories, logistic hubs, processing plants, energy systems, the backbone of African industrialisation.”

He stressed that capital alone will not deliver integration and that the African continental trade also needs a digital spine, a system that connects markets, trust, information, logistics, finance and payments.

Experts say Africa requires a better business environment to unleash its potential and drive intra-African trade. The experts noted that the PAPSS Cowry platform will help improve the ease of doing business across the continent.

Wamkele Mene, secretary general, AfCFTA Secretariat, described the platform as a key enabler of AfCFTA, giving its practical effect on the continent’s vision of a fully integrated African market.

“It operationalises financial sovereignty by enabling the seamless flow of funds needed to sustain the world’s largest free trade area, and by reducing the friction that has historically held back intra-Africa trade,” Mene said.

He noted that the continent has 42 currencies, which alone creates structural barriers, saying that when two African traders rely on a third-country currency to trade, the cost of doing business rises sharply.

“Our continent loses an estimated $5billion annually in currency conversion.” PAPSS addresses this bottleneck directly by enabling instant settlement in local currencies and reducing reliance on expensive corresponding banking corridors.”

Access Bank Plc has been awarded the prestigious Financial Inclusion Impact Award (Unified) at Nexus 2025, Qore’s flagship customer experience and financial infrastructure summit, in recognition of its groundbreaking digital innovations that have expanded financial access to millions across Africa.

The annual Nexus event, widely regarded as a leading platform for showcasing transformative financial technology on the continent, celebrated institutions driving measurable impact through digital transformation.

Access Bank stood out for its suite of innovative digital banking platforms that have successfully reached underserved communities, enabling financial participation for individuals and small businesses previously excluded from traditional banking services.

This latest accolade adds to Access Bank’s growing list of Nexus honors, having previously secured the Purpose Award in 2023 and the Best Commercial Bank in Technology Adoption Across Africa in 2024.

Speaking on the recognition, Ms. Chizoba Iheme, group head DSA and Beta Proposition, said, “We are truly honored to receive the Nexus Award for Financial Inclusion Impact (Unified). This recognition reinforces Access Bank’s long-standing commitment to breaking barriers and expanding financial access for individuals and businesses across Nigeria and beyond.

“At Access Bank, financial inclusion is more than a mandate, as it is a responsibility we proudly uphold as we continue to design innovative solutions that empower underserved communities. This award strengthens our resolve to keep driving sustainable impact and to ensure that no one is left behind in the financial ecosystem.”

Emeka Emetarom, chief executive officer of Qore, said, “At Qore, we are proud to power the infrastructure that enables real, scalable financial inclusion across Africa. Our partnership with Access Bank continues to demonstrate what is possible when bold vision, technology, and flawless execution come together.”

The recent event, hosted by Qore, brought together stakeholders across the financial services ecosystem, including commercial banks, microfinance banks, fintech companies, regulatory bodies, and government officials. Nexus 2025 provided a platform for industry leaders to discuss building the rails for Africa’s credit revolution and the critical role seamless digital banking must play in shaping this future.

Nigerian Institute of Public Relations (NIPR) has announced the postponement of its maiden annual Public Relations, Reputation, Ideas, Concepts and Excellence (PRICE) Awards and Prizes to January 25, 2026.

NIPR

The event, earlier scheduled for December 7, 2025, was deferred to accommodate stakeholders whose observance of Christmas festivities had commenced earlier than expected.

Chairman of the Organising Committee, Mr. Israel Opayemi, urged stakeholders to note the new date and prepare to participate in the ceremony.

He said the awards would motivate professionals, practitioners and scholars, while enhancing Nigeria’s global competitiveness in the public relations ecosystem and strengthening brand equity for all stakeholders.

Opayemi reaffirmed the Committee’s commitment to delivering a best-in-class award administration and ceremony, describing the PRICE Awards as a credible and enduring platform to identify, celebrate and elevate outstanding individuals, campaigns and organisations shaping the public relations landscape across sectors.

The development of the PRICE Awards peaked in September 2025 when the NIPR President and Chairman, Council, Dr. Ike Neliaku, inaugurated a 12-man committee to organise the maiden edition. The inauguration followed the Council’s adoption of the report of a technical team tasked with establishing the awards.