Nigerian Churches Boost Cross-Border Payments in Africa

According to Mike Ogbalu, the Chief Executive Officer of the Pan-African Payment and Settlement System (PAPSS), Nigerian churches are significantly influencing cross-border transactions across Africa. During a media chat on Friday, Ogbalu disclosed that PAPSS data indicates a rising volume of payments from worshippers in various African countries, who remit tithes and offerings to Nigerian religious organizations.

This trend is part of a broader evolution in Africa's cross-border payments landscape, where local-currency settlement systems are reducing reliance on the U.S. dollar. Ogbalu noted that PAPSS has recorded transactions from multiple countries, including Kenya, and highlighted strong payment flows between Nigeria and Rwanda, which are nearing or exceeding those with Ghana.

Additionally, Ogbalu mentioned growing transaction corridors with Cameroon, Niger Republic, and Benin Republic, primarily driven by trade in Nigerian goods. PAPSS operates in 30 African countries and aims to expand to 38 by the end of 2026, with South Africa being the only major economy yet to join.