Union Bank Joins PAPSS to Revolutionize Cross-Border Payments, Boost Intra-African Trade

LAGOS, Nigeria – June 3, 2025 – Union Bank of Nigeria has announced a strategic partnership with the Pan-African Payment and Settlement System (PAPSS) network, ushering in a new era of simpler and smarter cross-border banking solutions for its customers. This collaboration is set to significantly transform how payments are made across Africa, directly supporting the objectives of the African Continental Free Trade Agreement (AfCFTA). 

PAPSS, a Financial Market Infrastructure, offers a hassle-free and convenient system for instant money transfers to a growing list of African countries. Customers of Union Bank can now send money seamlessly to nations including Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, Zimbabwe, Djibouti, and Nigeria, with more African countries expected to join the network in the future.

The integration with PAPSS offers numerous benefits to Union Bank customers, including instant payments and transfers, significantly cheaper foreign transaction costs, elimination of the need to source foreign exchange (FX) for intra-African trade, enhanced security, and expanded opportunities for cross-continental commerce.

Commenting on this landmark partnership, **Peter Amadi, Head of Transaction Banking at Union Bank of Nigeria**, stated, "At Union Bank of Nigeria, we are committed to driving innovation and excellence in banking. Our focus is on providing seamless and efficient banking through simpler, smarter solutions that meet the evolving needs of our customers. We believe in fostering strong relationships and delivering exceptional value, ensuring their success in today's dynamic financial landscape."

**Mike Ogbalu III, CEO of PAPSS**, also expressed enthusiasm about the collaboration, remarking, “I am very excited and proud to see Union Bank of Nigeria, a bank with over a century of banking legacy, joining the PAPSS network. This shows how PAPSS will be a game changer for the continent by enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of regional economic communities, private sectors, and other stakeholders."

This partnership marks a significant milestone in Union Bank's dedication to enhancing its service offerings and reinforces its commitment to innovation. By providing customers with streamlined and efficient cross-border payment solutions, Union Bank aims to play a pivotal role in facilitating seamless trade and fostering economic growth across the African continent.