GCB Bank Plc has successfully completed the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana.
The transaction involved a Ghanaian incorporated entity initiating a supplier payment from GCB in Ghana cedis to a beneficiary in Nigeria – who received the payment in naira instantly.
This innovation revolutionalises the way Ghanaian individuals and businesses trade with the rest of Africa. GCB is committed to providing innovative and efficient banking solutions to its customers and remains at the forefront of introducing solutions; such as the telco-agnostic e-wallet, e-payments, and cashless banking to the market.
The PAPSS platform is expected to bring several benefits to GCB’s customers, as individuals and businesses will now have access to cheaper, faster turnaround, traceable and transparent cross-border payments. This development is also a major step in operationalising the AfCFTA objectives.
Mr. Kofi Adomakoh, MD-GCB said:“GCB is excited about this feat, being the first on an innovative and cutting-edge technology platform. We believe in PAPSS as a key driver in the AfCFTA agenda, and also the potential it has to transform the way our customers trade across the continent. We at GCB are very confident this will transform the payment ecosystem and facilitate trade among African countries.
“We would like to express our profound gratitude to the Bank of Ghana and Ghana Interbank Payment and Settlement Systems (GHIPSS) for the regulatory framework and immense support in operationalising this platform. We could not have achieved this without your continuous commitment to improving the payment system in Ghana. To Afrieximbank and the PAPSS Team based out of Cairo, we say ‘Ayekoo’ for making the AfCFTA dream a reality.
“To our valued customers, we say ‘thank you’ for coming on this journey with us. At the heart of this innovative solution’s deployment is our unrelenting quest to leverage technology and partnerships in deliver enhanced customer experience. This solution provides you with a more secure, convenient, transparent and cheaper way of making and receiving payments across Africa. I invite you all to join us in welcoming this exciting new chapter in our digital journey. Let’s embrace this payment solution and capture the enormous Pan-African opportunities it brings to drive growth, innovation and superior customer experience.”
Mike Ogbalu III, CEO-PAPSS said: “GCB’s adoption of PAPSS is one of the fastest in Ghana, as the bank has not only been first to complete the technical integration to our system but has also been the first to complete customer transactions. This is a major milestone, as it now allows their customers to commence real-time cross-border payments in local currency.
“This milestone couldn’t be possible without the commitment and unbeatable support from the Bank of Ghana (BOG) as well as the National Switch – namely the Ghana Interbank Payment and Settlement Systems (GhIPSS). Therefore, I would like to commend the BoG, GhIPSS and GCB for all the efforts put together to ensure the smooth operationalisation of PAPSS in Ghana.”
GCB Bank PLC is Ghana’s first and largest indigenous bank, with the vision of being the leading bank in all our markets and a mission to provide first-class banking solutions for customers and value for all stakeholders. Established in 1953 and listed on the Ghana Stock Exchange since 1996, GCB acquired selected assets and liabilities of two indigenous banks in 2017, and expanded its branch and ATM networks to over 185 and 340 respectively.
GCB was recently rated Ghana’s safest bank by Moody’s, Fitch, Standard & Poor’s; and the most compliant bank in Africa by the Association for Certified Compliance Professionals in Africa (AC-CPA). The bank is currently ranked 1st in the banking sector category, and 10th in the list of 100 most prestigious companies in Ghana.
In 2020, GCB became the first bank to launch a digital mobile money wallet when it launched G-Money The telco-agnostic and fully interoperable digital wallet allows customers to send and receive funds from any mobile money wallet or bank accounts, and also performs unique functions including borrowing and savings. G-Money has evolved into GCB’s digital financial services subsidiary.
GCB is at the forefront of investment banking in Ghana – with a fully incorporated subsidiary, GCB Capital Limited, dedicated to undertake investment banking business including Debt Capital Market transactions.
GCB aspires to be the dominant player in Ghana’s banking industry.
The Pan-African Payment and Settlement System – PAPSS – is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions.
PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement services to which commercial banks and licenced payment service providers across the region can connect as ‘participants’.
Afreximbank and the African Union (AU) launched the PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019 in Niamey, Niger Republic; therefore adopting PAPSS as a key instrument for implementing the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the Assembly of the African Union recommitted and instructed the Afreximbank and AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS).
The 35th Ordinary Session of the Assembly of the AU further directed that AfCFTA and Afreximbank should deploy the system to cover the entire continent.