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CBN to Allow Banks Source FX for PAPSS Without Its Approval

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CBN IMTOs

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has given the greenlight to banks to source foreign exchange (FX) for Pan-African Payment and Settlement System (PAPSS) in Nigeria without its approval.

This is as it announced a major revision of the documentation requirements for transactions processed through the PAPSS in Nigeria.

This move underscores the CBN’s commitment to enhancing seamless intra-African trade, promoting financial inclusion, and improving operational efficiency for Nigerians participating in cross-border payments across the continent.

Launched by Afreximbank in partnership with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralised payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

By facilitating payments in local currencies, PAPSS minimises 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, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.

The key changes take effect immediately, according to the CBN.

Changes to simplified documentation for low-value transactions will now see customers use basic KYC and AML documents provided to their Authorized Dealer Banks (ADBs) for low-value transactions ($2,000 and $5,000 equivalent in Naira for Individuals and corporate, respectively).

For transactions above the thresholds, all documentation as stipulated in the CBN Foreign Exchange Manual and related circulars remains mandatory.

It also noted that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.

In terms of FX sourcing, Authorised Dealer Banks may now source foreign exchange for PAPSS settlements through the Nigerian Foreign Exchange Market (without recourse to the CBN).

The apex bank directed that all export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.

The CBN then urged all banks to adopt PAPSS and commence originating transactions in line with this new policy, encouraging exporters, importers, and individuals to familiarise themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Leadforge, Afrimetrics, Stipple Care, Others Win N20m at Ecobank InnovateX

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Ecobank InnovateX

By Aduragbemi Omiyale

The sum of N20 million has been won by some start-ups at the Ecobank InnovateX challenge organised by the financial institution to empower youth to transform passion into scalable impact.

Business Post gathered that 18 finalists pitched their ventures at the event following weeks of applications, bootcamps, and a public voting phase.

In the creative category, ISIO, Leadforge, and Zulana emerged as the top winners, receiving N5 million, N2 million, and N1 million, respectively, and in the STEM category, the trio of Afrimetrics, Neighborly, and Feedipay claimed the top three prizes of N5 million, N2 million, and N1 million respectively.

Additionally, Stipple Care and Semita AI each received N500,000, while the remaining 10 contestants were awarded N300,000 each.

InnovateX is partnership between Ecobank and Heave Ventures. It was established to showcase bold and transformative ideas from Nigerians aged 16 to 25 in the Creative and STEM (Science, Technology, Engineering, and Mathematics) sectors.

At the grand finale of the competition held at the Ecobank Pan African Centre (EPAC) in Lagos, the Executive Director of Commercial and Consumer Banking at Ecobank Nigeria, Mr Kola Adeleke, emphasized that, as a pan-African bank, InnovateX is a pivotal initiative aimed at shaping the next generation of changemakers and economic contributors.

“At Ecobank, we are committed to investing in the future of our youth and shaping a brighter future for Nigeria. InnovateX aligns perfectly with this vision.

“We provide digital solutions, products, and services designed for convenience and accessibility, enabling young people to manage their finances anytime, anywhere — especially via mobile, their primary channel of engagement,” he stated, praising the resilience of all participants and encouraged the winners to use their prize funds intentionally to scale their ventures and deepen their impact.

On his part, the chief executive of Heave Ventures, Mr Abiodun Lawal, said, “This is not simply a competition. It’s a celebration of vision, courage, and the vibrant potential of Nigeria’s youth. Congratulations to all finalists and winners — your passion lit up the stage and, with purposeful action, will help shape the future.”

One of the winners, Mr Micah Erumaka, who is the chief executive of Afrimetrics, lauded Ecobank and Heave Ventures for the initiative, urging other corporate organisations to replicate such impactful programmes.

“Ecobank has truly shown it cares about Nigerian youth. This fund will enable me to expand my business and create jobs,” he declared.

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Fidelity Bank Rewards More Customers in GAIM 6 Monthly Draws

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fidelity bank gaim 6 promo

By Modupe Gbadeyanka

Twenty new millionaires have emerged in the seventh and eighth monthly draws of the Get Alert in Millions (GAIM) Season 6 Savings Promo of Fidelity Bank Plc.

The campaign was tailored by the financial institution to reaffirm its dedication to financial empowerment and a savings-oriented culture.

At the draw held at its headquarters in Lagos, Fidelity Bank also rewarded 29 winners from the campaign’s fourth, fifth, and sixth monthly draws.

Among the beneficiaries who received their N1 million prizes at the ceremony were Stephanie Onome Gere, Itua Michael Ehinomen, Maduabuchi Kalu Anya, and Chioma Grace Nnodim, who expressed her appreciation to Fidelity Bank saying, “This is a life-changing moment for me. I had heard of others winning, but I never imagined I would become a millionaire just by saving consistently. I encourage all Nigerians to open a Fidelity Bank account and start saving – you never know when your alert will come.”

For the latest draws, 10 winners each from the seventh and eighth draws emerged from various geo-political zones across Nigeria, demonstrating the widespread reach and impact of the campaign.

The draws were conducted electronically and supervised by representatives from the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant regulatory bodies to ensure transparency and fairness.

“At Fidelity Bank, we believe that financial well-being begins with cultivating smart saving habits. This belief inspired the GAIM 6 promo — a strategic initiative aimed at encouraging and rewarding a culture of consistent savings among our customers,” the Promo Chairperson and Executive Director for Lagos and South West at Fidelity Bank, Mr Ken Opara, represented by the lender’s Regional Bank Head for Lagos Central, Ms Chioma Nwankwo, stated.

“For us, it is not just about winning but helping our customers to build a secure financial future. To ensure this, these winners also receive financial advisory to help them grow and manage their wealth effectively,” he added.

Now in its final month and ahead of the grand finale, GAIM 6 has disbursed about N85.4 million to 2,561 customers through various draws, including N60 million to 60 monthly winners, N7million to 700 student Flex account holders, and N4.5 million to nine NYSC members.

Special day rewards included N1 million each on Women’s Day and Workers’ Day, N10 million on Children’s Day, and N7.7 million shared among 1,550 weekly consolation winners.

Through GAIM 6, Fidelity Bank continues to promote financial empowerment, reward loyalty, and foster a savings culture among Nigerians, staying true to its mission to help individuals grow, inspire businesses to thrive, and empower economies to prosper.

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CBN Reiterates Naira Protection, Preservation to Traders, Entrepreneurs, Students

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CBN Ways and Means

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has once again appealed to Nigerians to protect and preserve the dignity of the Naira.

This call was made on Tuesday as the apex book took its currency education campaign to Lagos residents at an event called CBN Fair held at Maryland, a mixed commercial and residential area in Lagos Mainland.

The sensitisation event themed Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development had in attendance, market men and women as well as entrepreneurs, policymakers, financial institutions, fintech innovators, banks, consumer protection agencies, students from various tertiary institutions, youth groups among others.

According to a statement, the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, said the fair was designed to interact with the public and critical stakeholders on the bank’s policies for sustainable economic growth and Nigeria’s development.

Mrs Sidi Ali said the theme was apt to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.

She added that the apex bank, under the leadership of Mr Yemi Cardoso, is committed to stimulating productivity, financial inclusiveness and delivering on core mandate of monetary and price stability, listing the bank’s functional policies that repositioned and expanded the economy in the last 22 months to strengthen the financial system, increase foreign investments inflow and huge leap in financial inclusion rates.

“The core objective of this engagement, therefore, is to sensitise members of the public on how the Bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she added.

The apex bank spokesperson appealed for preservation of the dignity of the nation’s currency through prevention of various forms of abuse, including commodifying the Naira.

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