Access Bank is emerging as a key force behind Africa’s ambition to create a unified payments ecosystem, using the momentum of the inaugural PAPSS COWRY 2025 Participants Forum in Lagos to push for a shift in how the continent approaches financial integration.
While many discussions around the Pan-African Payment and Settlement System (PAPSS) have centred on speed, cost reduction, and technological advancements, Access Bank is drawing attention to something far more fundamental: governance, discipline, and coordinated institutional cooperation.
Held over two days, the PAPSS COWRY 2025 Forum brought together central banks, regulators, commercial lenders, and payment experts to deliberate on what a sovereign African payment ecosystem should truly look like.
As the African Continental Free Trade Area (AfCFTA) moves from negotiation into practical implementation, the conversations in Lagos highlighted that technology alone cannot deliver sustainable, continent-wide real-time settlement without harmonised operational frameworks.
Shifting the Focus From Speed to Structural Strength
PAPSS was launched to enable instant cross-border payments in local African currencies, aiming to eliminate reliance on third-party settlement currencies and reduce frictions that have long restricted intra-African trade. But Access Bank argues that the true success of PAPSS lies not in its technical capability, but in the collective commitment of African banks to uphold common standards and governance structures.
Representing Access Bank at the forum, Naco Bolote, head of international remittance and payments for African subsidiaries, stressed the need for a deeper conversation around governance, compliance, and institutional reliability. According to him, Africa risks building disjointed systems if financial institutions do not align on foundational standards.
Bolote observed that lessons from Access Bank’s own platform, AccessAfrica, which spans over 20 African corridors, show that speed alone does not secure widespread adoption. Instead, traders and SMEs value predictability, uniformity in settlement practices, and regulatory harmonisation.
“The progress made with PAPSS reinforces Access Bank’s commitment to real-time settlement and financial integration across Africa. But building an ecosystem that truly works for the continent means aligning on the rules that keep money moving quickly, reliably, and at scale.”
Naco Bolote
This emphasis represents a crucial pivot, reminding policymakers and industry players that governance frameworks must evolve alongside technological innovation to deliver lasting impact.
Strengthening Governance for a Scalable African Payment Ecosystem
Access Bank’s intervention at the forum centred on the belief that shared governance, dispute resolution mechanisms, liquidity standards, and compliance benchmarks will define whether Africa can truly harness PAPSS at scale. Bolote warned that without harmonised operational guidelines, the continent could inadvertently create fragmented settlement channels that undermine the promise of financial sovereignty.
The bank outlined three core benefits of PAPSS that are already proving transformative: instant settlement in local currencies, reduced dependency on foreign exchange intermediaries, and significantly shorter transaction timelines. These gains, according to Access Bank, become exponentially more valuable when implemented within a harmonised regulatory and operational environment.
PAPSS is already operational in eight Access Bank markets, with additional countries set to join the network in 2026. As the system expands, ensuring alignment across banks and regulatory institutions will be essential to maintain stability and customer trust.
A Broader Debate on Africa’s Financial Sovereignty
The Lagos forum also illuminated a broader geopolitical and policy debate: are African financial institutions prepared to take on the responsibility required to drive the next phase of the continent’s economic integration?
With Afreximbank and the AfCFTA Secretariat pushing for deeper regional cohesion, banks across the continent face increasing pressure to redesign risk models, upgrade settlement systems, and invest in infrastructure that meets global standards. Access Bank, active in 24 countries across three continents, stands among the select few with the capacity to influence those standards.
Its representatives took part in high-level discussions on liquidity management for instant payments, compliance interoperability, and strategies for onboarding smaller financial institutions and payment service providers into the PAPSS ecosystem.
Access Bank used the occasion to commend PAPSS, Afreximbank, and the AfCFTA Secretariat for spearheading the project, describing it as a foundational pillar for Africa’s journey toward financial and economic competitiveness.
As a wholly owned subsidiary of Access Holdings Plc, Access Bank has become one of Africa’s largest retail banks, serving over 60 million customers and operating more than 700 branches and service outlets. With a workforce exceeding 28,000 employees across Africa, Asia, and Europe, the bank’s footprint gives it a strategic vantage point to shape continental financial standards.
Its executives maintain that advancing sovereign payment infrastructure aligns with the bank’s long-term mission to blend digital innovation, cross-border reach, and sustainable business models that fuel Africa’s economic growth.
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