CBN REVIEWS DOCUMENTATION PROCEDURES FOR PAPSS TRANSACTIONS
The Central Bank of Nigeria, CBN has announced a major review of the documentation needed for transactions carried out through the Pan-African Payment and Settlement System, PAPSS in Nigeria. In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions, allowing individuals and corporates to use basic KYC and AML documents for transactions up to 2,000 and 5,000 dollars respectively, while higher-value transactions will still require […]