Prudential Bank affirms commitment to cross border payments through PAPSS, first transaction to Kenya completed

Prudential Bank Limited has reaffirmed its commitment to enhancing and supporting cross-border trade, payments and settlements on the African continent through its landmark successful transaction with KCB Bank in Kenya through the Pan African Payment and Settlement Systems (PAPSS).

The transaction is the first to be conducted by the Bank beyond West Africa on the PAPSS platform, which was set up and launched in Accra, Ghana, in January 2022 to promote trade within Africa and boost the African Continental Free Trade Agreement (AfCFTA).

Managing Director of the Bank, Bernard Gyebi, commenting on the feat, said the achievement is yet another testament to the Bank’s drive to promote trade on the continent, working in partnership with PAPSS.

“As one of the early adopting banks of PAPSS in Ghana, we are excited to have completed this transaction beyond West Africa. This is an affirmation of our commitment to enhance trade, payment and settlements in Africa in conjunction with PAPSS. It is a testament to our firm commitment to innovation, promoting trade among ourselves as Africans and entrenching the Bank as a key player in the AfCFTA agenda”, he said.

Eleven countries – Rwanda, Nigeria, Gambia, Sierra Leone, Kenya, Liberia, Ghana, Djibouti, Guinea, Zambia and Zimbabwe – are currently live on PAPSS, with 2 countries, Tunisia and Comoros, at various stages of conclusion to join the platform.

This, according to Prudential Bank’s Executive Head of Retail and Commercial Banking, Ebow Quayson, provides limitless opportunities to businesses on the continent to make payments across borders with little stress over forex issues.

“With so many countries and corresponding banks participating on the PAPSS platform, the stage is set to grow trade among African countries. We are excited that our customers and traders can now transact freely in Africa without worrying much about forex issues. You pay in Ghana Cedis, and your trade counterpart receives funds in their own country’s currency. We are grateful to the teams at PAPSS, Bank of Ghana, and Ghana Interbank Payment and Settlement System for their continual support”, he said.

The Pan-African Payment and Settlement System (PAPSS) is a cross-border payment platform designed specifically for the settlement of payments between African countries. The settlement solution promotes international trade among African nations under AfCFTA and fosters economic and financial integration.

PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks, payment service providers and fintechs across the region can connect as ‘Participants’, according to the platform’s website.

PAPSS is the brainchild of Afreximbank, Africa’s pre-eminent trade finance institution, whose mission includes stimulating the expansion, diversification and development of African trade.

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