• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Cross-border securities payments get boost as NGX, PAPSS sign MoU

Securities

The Matters Press by The Matters Press
March 1, 2023
Reading Time: 2 mins read
0
SEC frowns at resurgence of Ponzi schemes

Nigerian Exchange Ltd. (NGX) and Pan African Payments Settlement System (PAPSS) on Tuesday signed a Memorandum of Understanding (MoU), to integrate the payments system that would boost cross-border securities transactions across African capital markets.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

The MoU was signed in a virtual ceremony.

Mr Temi Popoola, Chief Executive Officer, NGX, while giving his remarks, said that integrating PAPSS into the cross-border capital market framework would fix issues with currency convertibility.

Popoola said that integration would also reduce cost, shorten processing and settlement times as well as foster access to capital.

“We hope that the success of this partnership will inspire other African nations to integrate with PAPSS to enable other member countries to benefit from improved efficiency,” he said.

In his welcome remarks, Chairman, NGX, Mr Abubakar Mahmoud, said that investors would enjoy a more efficient and cost-effective way of investing in African securities.

According to him, the development will promote regional integration and boost trade flows.

The CEO, PAPSS, Mr Mike Ogbalu said, the MoU would bring about more financial inclusion in the capital market operations.

Ogbalu said, “With the signing of this MoU with our strategic partner NGX, we expect more transactions to flow into our system.

“However, we also expect more central banks to join the PAPSS infrastructure to extend the reach to millions more with the resultant positive impact on intra-African Trade.”

President, African Export and Import Bank (Afreximbank), Prof. Benedict Oramah, while giving his remarks, noted that PAPSS came about as a recognition of the need to integrate payments for goods and services in Africa.

Oramah said that the initiative coming on board amid the implementation of the African Continental Free Trade Agreement (AfCFTA) was a welcome development.

“Just as we want to ensure smooth settlements for goods, capital market integration is also critical.

This is why we collaborated with NGX to facilitate forging PAPSS into the cross-border securities trading framework,” he said.

Also, the Director-General, Security and Exchange Commission (SEC), Mr Lamido Yuguda, said that the signing of the agreement was a significant milestone in line with the revised Capital Market Masterplan.

Yuguda said, “SEC will support all initiatives to enhance the integrity and efficiency of the capital market.”

Expressing his optimism about the potential of the initiative, the Chairman, Nigerian Exchange Group (NGX Group), Alhaji Umar Kwairanga, said the agreement would open up new market opportunities to capital market operators across the continent.

Mr Oscar Onyema, Group Chief Executive Officer, NGX Group, said the initiative came at the right time when Africa wants to accelerate the implementation of AfCFTA.

“It will stimulate the development of intra-African securities trading,” Onyema said.

Commending the initiative, the President, African Securities Exchange Association (ASEA), Mr Thalepo Tsheole, called on stakeholders to come together and ensure it is executed across Africa.

He emphasised that using the umbrella of ASEA, with nine exchanges and a market cap of 1.5 trillion dollars, PAPSS could be instrumental to the African Exchanges Linkage Project.

Tags: Securities
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
“Naira-4-Dollar” getting results

Naira remains firm, exchanges N462 to dollar

Seplat confirms exchange rate to determine interim dividend

Seplat Energy grows profit before tax to N86.7bn appoints Director

Recommended Stories

Newspapers focus Reps’ position on licensed guns

Fake News: How Not to #EndSARS protest

October 25, 2020
NLNG seeks partnership with NMDPRA to boost domestic gas market

NLNG’s report on illegal shipment of oil to America

February 22, 2022
Africa’s remittance inflows hit $72b

FX Repatriation Push : Fidelity Bank restates support for CBN

February 24, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us