Prudential Bank affirms commitment to cross border payments

Bernard Gyebi, the Managing Director of the Bank, commented on a recent achievement. He said it shows the Bank’s commitment to promoting trade in Africa. This was done in partnership with PAPSS.

Gyebi noted that the Bank is one of the early adopters of PAPSS in Ghana. He expressed excitement about completing a transaction beyond West Africa. This confirms their dedication to enhancing trade and payments across Africa.

Currently, 11 countries are live on PAPSS. These countries include Rwanda, Nigeria, Gambia, Sierra Leone, Kenya, Liberia, Ghana, Djibouti, Guinea, Zambia, and Zimbabwe. Tunisia and Comoros are at various stages of joining the platform.

Ebow Quayson is Prudential Bank’s Executive Head of Retail and Commercial Banking. He stated that PAPSS offers limitless opportunities for businesses to make cross-border payments easily. With many countries participating in PAPSS, trade among African nations can grow significantly.

Quayson emphasized that customers can now transact freely without worrying about forex issues. Payments can be made in Ghana Cedis while recipients receive funds in their local currency. He thanked teams at PAPSS and other supporting institutions for their ongoing assistance.

The Pan-African Payment and Settlement System (PAPSS) is designed for cross-border payments between African countries. It promotes international trade under AfCFTA and fosters economic integration across the continent.

PAPSS collaborates with Africa’s central banks to provide payment services. Commercial banks, payment service providers, and fintechs can connect as participants on this platform. PAPSS was created by Afreximbank to stimulate African trade expansion and development.