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

Prudential Bank Limited is committed to supporting cross-border trade in Africa. They recently completed a successful transaction with KCB Bank in Kenya. This was done through the Pan African Payment and Settlement Systems (PAPSS).

This transaction marks the bank's first use of PAPSS outside West Africa. The PAPSS platform launched in Accra, Ghana, in January 2022. Its goal is to promote trade within Africa and support the African Continental Free Trade Agreement (AfCFTA).

Bernard Gyebi, Managing Director of Prudential Bank, commented on this achievement. He said it shows the bank’s dedication to enhancing trade across the continent. As an early adopter of PAPSS in Ghana, they are proud to expand beyond West Africa.

Gyebi emphasized their commitment to innovation and promoting intra-African trade. He believes this positions Prudential Bank as a key player in AfCFTA.

Currently, 11 countries are live on PAPSS: 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 noted that PAPSS offers great opportunities for businesses across Africa. It allows easy cross-border payments without forex issues.

With many countries participating on PAPSS, trade among African nations can grow significantly. Customers can now transact freely without worrying about currency exchange problems. Payments can be made in Ghana Cedis while recipients receive funds in their local currency.

Quayson expressed gratitude to teams at PAPSS and other supporting institutions like the Bank of Ghana.

The Pan-African Payment and Settlement System (PAPSS) facilitates cross-border payments between African countries. It promotes international trade under AfCFTA and fosters economic integration.

PAPSS collaborates with Africa’s central banks to provide payment services for commercial banks and fintechs across the region. The platform was developed by Afreximbank, which aims to enhance African trade development.