Mike Ogbalu III, Chief Executive Officer of the Pan-African Payment and Settlement System (PAPSS), stated that Nigeria is a leader in Africa's payment system due to its advanced financial infrastructure and regulatory environment. He spoke at a media session in Lagos about the importance of PAPSS in facilitating cross-border trade and the challenges of connecting 54 African economies. Ogbalu also outlined plans to achieve full continental coverage and highlighted PAPSS's role in reducing transaction costs and settlement risks.
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