BUSINESS

NGX Signs MoU With PAPSS On Payment For Foreign Stocks In Naira

 

The Nigerian Exchange Limited (NGX) and Pan African Payments Settlements System (PAPSS) have signed a Memorandum of Understanding (MoU) to integrate the payments system in a bid to boost cross boarder securities transactions across african capital markets.

NewsBeatng reports that the MoU was signed in a virtual ceremony on lastweek.

The integration of PAPSS into the cross- boarder capital market framework is expected to fix issues with currency compatibility reduce costs, shorten processing and settlements times and foster access to capital.

However, the Chief Executive Officer (CEO) of NGX, Temi Popoola, said ” 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 “.

Chairman of NGX, Abubakar Mahmoud, Investors would  enjoy a more efficient and cost effective way of investing in African Securities. The development is expected to promote regional integration and boost trade flows.

CEO of PAPSS, Mike Ogbalu, said ” The MoU would bring about more financial inclusion in the capital market operations. With the signing of this MoU with our strategic partner, NGX, we expect more transactions to flow into our system”.

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