|
Getting your Trinity Audio player ready...
|
Prudential Bank Limited has reaffirmed its commitment to enhancing and supporting cross border trade, payments and settlements on the African continent.
This would be done through its landmark successful transaction to KCB Bank in Kenya through the Pan African Payment and Settlement Systems (PAPSS).
Mr Bernard Gyebi, Managing Director of the Bank, in a statement issued in Accra and copied to the Ghana News Agency, said the achievement was yet another testament of the Bank’s drive to promote trade on the continent working in partnership with 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).
“As one of the early adopting banks of PAPSS in Ghana, we are excited to have completed this transaction beyond West Africa,” he said.
The Managing Director said this was an affirmation of their 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 added.
About 11 countries; Rwanda, Nigeria, Gambia, Sierra Leone, Kenya, Liberia, Ghana, Djibouti, Guinea, Zambia and Zimbabwe are currently live on PAPSS with two countries, Tunisia and Comoros at various stages of conclusion to join the platform.
Mr Ebow Quayson, Head of Retail and Commercial Banking at Prudential Bank, said it provided 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, and we are excited that our customers and traders can now transact freely in Africa without worrying much about forex issues,” he said.
He said when traders pay in Ghana Cedis, their trade counterpart receives funds in their own country’s currency.
“We are grateful to the teams at PAPSS, Bank of Ghana, 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, fostering 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.
It is the brainchild of Afreximbank, Africa’s pre-eminent trade finance institution, whose mission includes stimulating the expansion, diversification and development of African trade.
Source: GNA
