NGX Signs MoU With PAPSS To Boost Capital Market Diversification

Nigerian Exchange Limited and the Pan-African Payment Settlement System (PAPSS) have signed a Memorandum of Understanding (MoU) to support cross-border payments across capital markets in Africa.

Naija News reports that the Securities and Exchange Commission (SEC), in a statement on Sunday disclosed that the implementation of the MoU will make it easy to trade across Africa.

According to the Chief Economist of SEC, Dr Okey Umeano, the focus of the MoU which was signed in February was for usual everyday trade.

However, he said the MoU was extended to cover the continent to create a bigger opportunity for people across the continent.

Umeano, “This MoU begins to implement something that we have been very excited about. PAPSS makes it easy to trade across Africa. It makes Intra-African trade more efficient and we have always wanted it. It was created initially for just the usual everyday trade but we have always wanted it for the capital market because we think that if we can link the exchanges and the markets across the continent we will have a bigger opportunity set for everybody, so we have been working on that.”