- performs first transaction to Nigeria
OmniBSIC Bank has announced a strategic partnership with the Pan-African Payment and Settlement System (PAPSS).
This collaboration signifies a remarkable milestone for the bank, as it reinforces its commitment to delivering exceptional and innovative banking services to its esteemed customers, while further solidifying the dedication to providing seamless financial solutions.
PAPSS is a centralized Financial Market Infrastructure designed to facilitate secure and efficient cross-border money transfers throughout Africa. This innovative initiative, supported by Afreximbank and The African Continental Free Trade Area (AfCFTA), aims to enable instant cross-border payments in local currencies between countries in Africa.
As part of this partnership, OmniBSIC Bank successfully completed its first transaction to Nigeria on Thursday June 1, 2023 through the PAPSS platform. This transaction showcased the seamless transfer of funds in Cedis originating from a Ghanaian customer in Cedis through OmniBSIC which was received in Naira by the beneficiary in Nigeria.
This achievement demonstrates the bank’s commitment to leveraging innovative financial technologies and enabling greater financial inclusion for businesses and individuals.
Mr. Daniel Asiedu, Managing Director of the Bank, expressed his excitement about the partnership, stating, “We are thrilled to collaborate with PAPSS in advancing financial integration across Africa. This partnership aligns perfectly with the bank’s mission of providing excellent and innovative banking services to our customers through competent employees, extensive delivery channels and technology. Through the collaboration with PAPSS, we can offer our customers faster, more secure, and cost-effective cross-border payment solutions.”
Additionally, he emphasized that the bank’s customers can now carry out transactions seamlessly from any branch of OmniBSIC Bank to some banks in Nigeria, Liberia, Gambia, Guinea, and Sierra Leone.
“With this partnership, our customers will experience many benefits, including instant payment in local currencies, secure and final settlement of funds for recipients, instant access to funds by beneficiaries, simplified money transfers for businesses and individuals, reduced transfer costs and promotion of intra-African trade.”
Mike Ogbalu III, CEO of PAPSS on his part said: “I am very delighted and proud to see OmniBSIC Bank joining the PAPSS network. This shows how PAPSS will be a game changer for the continent by enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of central banks, financial institutions, regional economic communities, private sectors, and other stakeholders.”
He further stated that “PAPSS has run a successful pilot in the West African Monetary Zone (WAMZ) where transactions between countries did not exceed two (2) minutes to be settled. This is a great opportunity for individuals, SMEs and businesses who want to make transactions across the African continent. PAPSS is currently working closely with the OmniBSIC team to allow its clients to do fast and secure cross-borders payments in local currencies in the shortest possible time.”
Through this collaboration with PAPSS, OmniBSIC Bank will enhance its payment infrastructure and expand its presence across the continent. By leveraging PAPSS’ extensive network and expertise, the bank aims to provide customers with efficient and reliable cross-border payment services, bolstering trade and fuelling economic growth in Africa.
OmniBSIC Bank remains committed to fostering strategic partnerships and implementing cuttingedge technologies to revolutionize the banking industry and meet the evolving needs of its customers. This collaboration with PAPSS represents a significant step in achieving these goals.
OmniBSIC Bank is a fully-fledged universal bank that traces its roots to a merger between the erstwhile OmniBank and Sahel Sahara Bank. The merger was spurned by the banking sector consolidation programmes introduced by the Bank of Ghana (BOG) in 2017, through several directives including the increment of the minimum capital requirement almost fourfold.
The union between the banks is one of the most successful mergers in the financial services industry. It can be described as synergistic since both banks shared similarities in business models, values, and customer experience and were both committed to offering exceptional customer service in Ghana’s banking industry. This milestone was achieved through the collaborative effort of shareholders, directors, management, and the staff who showed a willingness to embrace change to become bigger and better in the banking industry.
OmniBSIC has reinforced its corporate governance structures and invested in its infrastructure to align with BOG’s Corporate Governance and other regulatory directives. The bank is dedicated to maintaining the highest level of integrity, transparency, and accountability in all operations, thereby creating a reliable framework for clients to conduct their banking activities with us.
With our headquarters at Atlantic Tower, Airport City, and an extensive network of forty (40) branches across Ghana, OmniBSIC provides a complete range of products, services, and digital offerings tailored to the needs of our Corporate, SME, and individual customers while supporting the communities in which we operate. In our commitment to creating excellent banking experiences for our customers every day, the bank continues to invest in technology and employee development.
The Pan-African Payment and Settlement System – PAPSS is a centralized Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimizing risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed 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 the implementation of the African Continental Free Trade Agreement (AfCFTA).
Further, in its thirteenth (13th) extraordinary session, held on the December 5, 2020, the assembly of African Union recommitted and instructed the Afreximbank and the AfCFTA secretariat to finalize among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU, further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent.