CalBank, PAPSS collaborate to unlock African market potential, accelerate growth

Philip Owiredu, Managing Director of CalBank

CalBank, a leading indigenous financial institution in Ghana, is excited to announce that it has joined the Pan-African Payment and Settlement System (PAPSS). This partnership aims to facilitate cross-border settlements, enhance financial inclusion, and foster economic growth throughout Africa.

This collaboration aligns perfectly with PAPSS’ objective of establishing a robust payment superhighway among African nations, enabling seamless transactions and accelerating economic progress across the continent. By working together, PAPSS and CalBank will contribute significantly to the success of the African Continental Free Trade Area (AfCFTA), the world’s largest trading and economic bloc.

Adopted by the African Union as a key instrument for the implementation of the AfCFTA, PAPSS is revolutionising intra-African payments. By creating a consistent ecosystem, PAPSS empowers businesses and individuals to conduct cross-border transactions effortlessly, reducing costs and improving efficiency. This collaboration with CalBank will further expand PAPSS’ reach and play a crucial role in the achievement of AfCFTA’s objectives.

Philip Owiredu, the Managing Director of CalBank, expressed his enthusiasm about the collaboration, highlighting the bank’s extensive network and unwavering commitment to serving the needs of Ghanaian businesses. CalBank’s strong presence across the country positions it as the ideal choice for enterprises seeking access to PAPSS. Through this partnership, CalBank’s customers will gain unparalleled access to the payment superhighway, seamlessly connecting them to the wider African market.

“We are thrilled to partner with PAPSS, an organisation that shares our vision of driving financial inclusion and empowering African businesses,” said Mr. Owiredu. “CalBank’s extensive network across Ghana positions us as the ideal conduit for businesses seeking to leverage the benefits of PAPSS. Through this partnership, we aim to unlock immense opportunities for our customers and contribute to the growth and development of the African economy.”

Mike Ogbalu III, the Chief Executive Officer of PAPSS, emphasised the significance of the partnership and the transformative potential of PAPSS, stating: “We are thrilled to partner with CalBank, a distinguished financial institution that shares our vision of advancing financial inclusion and driving economic growth in Africa.

“In addition, I would like to express my gratitude to the whole team at CalBank for their hard work in getting the system up and running, so that it can start serving the bank’s customers. PAPSS plays a major role in facilitating and accelerating the implementation of the AfCFTA across the continent. Then with PAPSS, CalBank customers will make instant and more affordable cross-border payments inside Africa, which will stimulate economic growth across the continent.”

The partnership between PAPSS and CalBank is part of this new era of financial inclusion and cross-border transactions in Africa. By leveraging PAPSS’ payment superhighway, businesses and individuals will have unprecedented opportunities to expand their operations and thrive within the AfCFTA framework. This collaboration reflects the commitment of both organisations to foster economic growth, promote regional integration, and unlock Africa’s immense potential.


CalBank commenced operations in 1990. Backed by experienced managers in key functional areas in banking and finance, CalBank’s team provides the required solutions to clients and is supported by a strong IT platform that has seen the bank being recognised for its innovative products in ICT & Electronic Banking. The bank’s growth strategy is to focus on growing our retail, corporate and business clientele.

Since 2004, when the bank received its universal banking license, it has developed its retail banking operations with specialised products and services to serve the needs of its growing clientele. The bank currently wholly owns CalAsset Management Co. Ltd. (CAMCOL) and CalBank Nominees Ltd. (CalNominees). CalAsset is a licensed fund manager and investment advisor by the Securities & Exchange Commission of Ghana while CalBank Nominees holds and administers assets as a custodian.

The bank’s expansion initiative continues to grow with over 38 branches, over 100 ATMs, digital channels – CalBank app, CalNet and Shortcode *771#), and over 650 Agent Outlets across the country. Internationally, CalBank benefits from strong correspondent banks all over the world. This enables us to handle all international transactions quickly and effectively.


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 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 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 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 the AfCFTA and Afreximbank to deploy the system to cover the entire continent.

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