AI agents for business finance: what they can and can't do
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The short answer
Yes, if both your Ghanaian bank and your supplier's Nigerian bank are connected to PAPSS. You pay in cedis, the supplier receives naira, and PAPSS says the payment is processed within a maximum of 120 seconds. You start the payment in your own bank's branch, app or online banking, and your bank sets the documents it needs, usually including the supplier's invoice.
The Pan-African Payment and Settlement System (PAPSS) was built so that African businesses do not have to route every payment through dollars. For a Ghanaian company buying from Nigeria, it can cut out a conversion step. This guide explains what PAPSS itself says, what your bank decides, and how to prepare an invoice payment.
What PAPSS says about itself
- Countries live
- Ghana, Nigeria, Sierra Leone, Liberia, Gambia and Guinea, among those listed
- Access
- Only through connected banks: branch, app or online banking, depending on the bank
- Currency
- Local currency at each end: cedis in Ghana, naira in Nigeria
- Speed
- "Processed within a maximum of 120 seconds"
- Fees and limits
- Not published on the PAPSS page; set by your bank
Which banks are connected
PAPSS's send and receive page lists 17 connected banks in Ghana: Absa, Access, Bank of Africa, CAL, CBG, Ecobank, FBNBank, Fidelity, First Atlantic, GCB, GTBank, OmniBSIC, Prudential, Stanbic, UBA, UMB and Zenith. It lists 11 in Nigeria: Access, First Bank, Keystone, Lotus, Polaris, Providus, Stanbic IBTC, Sterling, UBA, Union and Wema.
Both ends must be on the list. If your supplier banks with a Nigerian bank that is not listed, ask whether it has another account that is. Lists change, so check PAPSS's page on the day.
How to settle an invoice, step by step
- Ask your bank whether it offers PAPSS for business payments, its fee, its exchange rate basis and any amount limits.
- Get the supplier's full account name, NUBAN account number and bank, exactly as on its bank records.
- Check that the invoice is addressed to your company and shows the supplier's registered name, invoice number, goods, quantities and total.
- Submit the payment with the invoice and whatever supporting documents your bank asks for.
- Quote the invoice number in the narrative, so the supplier can match the payment.
- Keep the PAPSS reference and your bank's advice with the invoice.
Documents your bank is likely to want
PAPSS does not publish document rules; your bank applies its own and Bank of Ghana's. Expect at least the supplier's invoice. For goods you are importing, GRA's import procedure already requires the Import Declaration Form from the Ministry of Trade, an attested invoice, a packing list and the waybill, so have these ready. For the Ghanaian side of import documentation, see Bank of Ghana import documentation.
The Nigerian supplier's end
Your supplier receives naira. For a commercial export from Nigeria, the supplier still needs a Form NXP through its bank. The CBN Foreign Exchange Manual 2026, effective 1 June 2026, as summarised on Mondaq, requires non-oil proceeds within 90 days into the exporter's domiciliary account; the sources we read do not say how a PAPSS naira receipt is reported against an NXP, so the supplier should ask its bank before you agree to pay this way. See Form NXP for exports to Ghana.
How the cost compares
Example only. To pay a ₦12,000,000 invoice by a dollar wire, a Ghanaian company buys dollars with cedis, and the supplier later converts dollars to naira: two exchange margins plus wire and correspondent fees. Through PAPSS the company pays cedis and the supplier receives naira, with one conversion. Whether that is cheaper depends on the rate and fee your bank quotes for the day; ask for the total cedi cost of both routes before you choose.
Agreeing the invoice currency
If the supplier invoices in naira, PAPSS delivers exactly that currency, and the exchange risk between ordering and paying sits with you. If the invoice is in dollars, someone has to convert into naira or cedis, and the contract should say whose rate applies. For repeat trade, agree in writing which currency the invoice is in and on what date the amount is fixed.
If something goes wrong
The PAPSS page does not describe a complaints or recall process for customers. Any query goes through your bank: give it the PAPSS reference, the amount, the time and the supplier's account details, and ask the supplier to check with its own bank at the same time. Keep the bank's written replies.
When PAPSS may not fit
- Your or your supplier's bank is not connected.
- Your contract is priced in dollars and the supplier wants dollars.
- You need a letter of credit's protection for a large first order.
- Your bank's limit is below the invoice value.
For the wider picture, see how a Ghana business pays a Nigerian supplier and the Nigerian-side explainer PAPSS explained.
Where Pryme fits
If you hold naira already, a Pryme Business Account pays a Nigerian supplier's NUBAN in naira, with the rate and fee shown before you approve if you are converting. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
Which Ghanaian banks are on PAPSS?
PAPSS lists 17, including Absa, Access, Ecobank, Fidelity, GCB, GTBank, Stanbic, UBA and Zenith. Check its page for the current list.
Can my supplier receive naira through PAPSS?
Yes, if its Nigerian bank is connected. PAPSS settles in local currency at each end.
What does PAPSS charge?
PAPSS does not publish fees on its page. Your bank sets the fee and exchange rate.
Do I still need an invoice to pay through PAPSS?
Your bank sets the documents, but for a business payment expect to provide the supplier's invoice.
Sources
- PAPSS: Send and receive money (connected countries and banks) · accessed Oct 2026
- Ghana Revenue Authority: Customs Import Procedures · accessed Oct 2026
- Mondaq (Stren & Blan): CBN suspension of time extension for repatriation of export proceeds (7 Feb 2025) · accessed Oct 2026
- Mondaq (Deloitte): Central Bank of Nigeria automates the export process with e-Form NXP (14 Nov 2019) · accessed Oct 2026
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.