Let’s demonstrate support for Africa Trade through PAPSS as Africa commemorates AU Day - Prudential Bank Executive Head

As Africans celebrate African Union Day, there is a strong call for businesses and individuals. They are urged to adopt the Pan African Payment and Settlement Systems (PAPSS) for all payments within the continent.

Ebow Quayson, Executive Head of Retail and Commercial Banking at Prudential Bank, made this call in Accra. He emphasized that PAPSS has been vital for business growth and intra-African trade. As Africans celebrate this special day, it’s important to recognize PAPSS as the continent's main payment platform.

“PAPSS is here to stay. It is designed by Africans for Africans. It revolutionizes intra-African trade by facilitating easy transactions,” he said. He stressed that all countries should join PAPSS to support the African Continental Free Trade Area (AfCFTA) agenda.

Quayson noted significant improvements in African trade since PAPSS began. Banks are now making numerous transactions across the continent. “PAPSS has become a game changer,” he added.

He referenced Dr. Kwame Nkrumah's famous speech on Ghana's Independence Day in 1957. Nkrumah stated that Ghana's independence means little without Africa's total liberation. This message remains relevant today; Africa cannot claim full economic independence while relying on external trade partners.

“PAPSS is transformative for us,” Quayson said. With more countries joining, trade among African nations will expand significantly. He highlighted Prudential Bank as a pioneer on the platform, noting its success in helping customers with past trading challenges.

Since post-colonial independence, Africa has aimed to diversify agricultural production and establish manufacturing bases. Regional organizations like ECOWAS and the AU have focused on fostering intra-African trade.

The African Union (AU) promotes economic cooperation and integration through initiatives like AfCFTA. This agreement aims to create a platform for free and effective trade among Africans.

Currently, 12 countries are live on PAPSS: Rwanda, Nigeria, Gambia, Sierra Leone, Malawi, Kenya, Liberia, Ghana, Djibouti, Guinea, Zambia, and Zimbabwe. Four more countries—Tunisia, Uganda, Egypt, and Comoros—are at various stages of joining the platform.