Prudential Bank Limited (PBL), an indigenous financial institution, has successfully completed its first live Pan-African Payment and Settlement Systems (PAPSS) transaction to Nigeria.
The transaction was initiated in Ghana cedis on behalf of an individual customer of the bank, which was instantly received by the beneficiary in Nigeria in Naira.
The PAPSS platform serves as an enabler of the African Continental Free Trade Area (AfCFTA) by providing African businesses and individuals with the opportunity to initiate payments in their respective local currencies, with recipients also receiving funds in their local currencies.
This innovative solution will enable businesses to effect cross-border payments in a more efficient, affordable and transparent manner, in line with the operational objective of AfCFTA, which is expected to create the largest free trade area in the world.
PAPSS eliminates the over-reliance on foreign currencies with its attendant economic woes.
The Managing Director of Prudential Bank, Mr. Bernard Appiah Gyebi, commenting on the significant milestone achieved by the bank, said: “It is a moment of pride for the bank and its employees to have completed our inaugural transaction on the PAPSS platform, making us one of the early adopters in Ghana. This achievement highlights our unwavering commitment to innovation in our operations, to deepening pan-African trade, and our dedication to always provide our esteemed customers with value-added services”.
Mr. Ebow Quayson, the Executive Head – Business of Prudential Bank, said: “We express our gratitude to the teams at the Pan-African Payment and Settlement Systems (PAPSS), Bank of Ghana, and Ghana Interbank Payment and Settlement Systems (GHIPSS) for providing us with the extensive support that enabled us to complete our inaugural transaction on the platform”.
He added: “We have undergone comprehensive test runs and integration processes, and are confident of the PAPSS system. The platform is indeed a significant contributor to the AfCFTA programme, and we recognise its potential to revolutionise the way our customers conduct trade activities throughout the continent while significantly cutting transaction costs and giving true meaning to financial independence”.
Mrs. Vivian Boakye Ameyaw, Head of Trade Services at Prudential Bank, said: “PBL is very proud of the PAPSS initiative and is very committed to giving it the needed support to make it succeed”.
“PAPSS is indeed a successful African solution to an African challenge, and it is proof that we – as Africans – have what it takes to turn our fortunes around if we put our hearts and minds into it. May the success of PAPSS unlock the door to many more African solutions which will drive the success of AfCFTA,” she added.
“The addition of PAPSS to Prudential Bank’s product suite is a testament to the fact that PBL is indeed an emerging bank on the digital banking front, having won the Emerging Digital Bank accolade last year at both Ghana Information Technology & Telecoms Award (GITTA) & Connected Banking West Africa (ICSA),” she said.