Accra: Prudential Bank Limited has reaffirmed its commitment to enhancing and supporting cross-border trade, payments, and settlements on the African continent. This initiative is bolstered by its landmark successful transaction to KCB Bank in Kenya through the Pan African Payment and Settlement Systems (PAPSS).
According to Ghana News Agency, Mr. Bernard Gyebi, Managing Director of the Bank, emphasized that this achievement is a testament to the Bank’s drive to promote trade across the continent in collaboration with PAPSS. The transaction marks Prudential Bank’s first operation beyond West Africa on the PAPSS platform, established in Accra, Ghana, in January 2022, to enhance trade within Africa and support the African Continental Free Trade Agreement (AfCFTA).
‘As one of the early adopting banks of PAPSS in Ghana, we are excited to have completed this transaction beyond West Africa,’ Mr. Gyebi stated. He further highlighted that this demonstrates the Bank’s dedication to advancing trade, payment, and settlements in Africa in partnership with PAPSS.
About 11 countries, including Rwanda, Nigeria, Gambia, Sierra Leone, Kenya, Liberia, Ghana, Djibouti, Guinea, Zambia, and Zimbabwe, are currently active on the PAPSS platform. Additionally, Tunisia and Comoros are in advanced stages of joining.
Mr. Ebow Quayson, Head of Retail and Commercial Banking at Prudential Bank, noted the vast opportunities this platform provides to businesses, allowing them to make cross-border payments with minimal concerns regarding forex issues. He emphasized how customers and traders can now engage in transactions across Africa seamlessly, paying in Ghana Cedis with counterparts receiving funds in their local currency.
The Pan-African Payment and Settlement System (PAPSS) is designed to facilitate payments between African nations, promoting trade under the AfCFTA and fostering economic integration. PAPSS collaborates with Africa’s central banks to offer payment and settlement services, connecting commercial banks, payment service providers, and fintechs across the region as ‘Participants’. This initiative is spearheaded by Afreximbank, Africa’s leading trade finance institution, committed to expanding and diversifying African trade.
