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Cash limit to quicken bank’s migration to PAPSS network

The Central Bank of Nigeria’s (CBN’s) cash withdrawal limit policy is expected to quicken banks’ migration to the Pan-African Payment and Settlement System (PAPSS) platforms.

THE NATION reports that it is expected that banks, which are already undergoing certification and integration of their processes for onward migration to the PAPSS, will quicken the exercise as more people embrace digital payment.Information Guide Nigeria

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Recall that Last year, the PAPSS commenced digital payment on the continent with first transactions carried out between FirstBank of Nigeria Plc and Ghana Commercial Bank.

The report said, “It is available leveraging the NIBSS Instant Payment platform for commercial banks, Fintechs, payment service providers, card schemes and other payment industry players to integrate for Intra-African Trade and other economic activities among African countries.JAMB portal

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“The PAPSS recognises over 41 currencies and it enables instant, diaspora payments in local currencies between African markets. It avails an opportunity for a customer in one African country to pay in their own currency, while the beneficiary in another country receives value in their own local currency.NYSC portal

“With the banks at various stages of connection through NIBSS for the PAPSS integration, NIBSS will continuously work with the DMBs who are undergoing certification, integration and migration to the PAPSS to complete the required processes and commence transactions soon,” it said.

The CBN said that in compelling circumstances where cash withdrawal above the limits in above is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations respectively”.

CBN has directed that third-party cheques above N100,000 shall not be eligible for payment over the counter, while the limit of N10 million on clearing cheques still subsist.JAMB Result

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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