Prudential Bank Ltd has activated the Pan African Payment and Settlement System (PAPSS) on its mobile banking app, allowing customers to send and receive cross-border payments across participating African countries at any time. This move is expected to support trade and retail payments across the continent, as well as align with the objectives of the African Continental Free Trade Area (AfCFTA) and the Ghana government's 24-hour economy policy.
Mobile Payments Go Live Across Africa
The activation of PAPSS on Prudential Bank's mobile app expands access to the continental payment platform and allows customers to make transactions directly in local currencies. This reduces the need for currency conversion and dependence on hard currencies. Ebow Quayson, Acting Managing Director of Prudential Bank, described the move as a major step in supporting intra-African trade and enhancing retail payment convenience.
"The activation of PAPSS on our Mobile App is a major step in supporting intra-African trade and enhancing retail payment convenience," Quayson said. "This platform enables our customers to transact across borders in a faster, safer and more cost-effective manner, while aligning with the objectives of the African Continental Free Trade Area (AfCFTA) and the Ghana government's 24-hour economy policy."
Pan African Payment and Settlement System Unlocks New Opportunities
PAPSS is an initiative backed by Afreximbank in partnership with the African Union and the AfCFTA Secretariat. It currently operates in more than 21 African countries and connects over 180 commercial banks and fintech companies. The platform facilitates instant cross-border payments in local currencies, with the aim of reducing reliance on hard currencies and supporting trade across Africa. Mike Ogbalu III, Chief Executive Officer of PAPSS, welcomed the development, saying it broadens access to the continental payment platform.
"Prudential Bank going live on PAPSS for customers represents a significant milestone in building a unified and efficient payments ecosystem for Africa," Ogbalu III said. "By making PAPSS available on mobile banking, the Bank is helping to break down long-standing barriers to cross-border payments and unlocking new opportunities for businesses and individuals across the continent."
Breaking Down Barriers to Cross-Border Payments
The activation of PAPSS on Prudential Bank's mobile app is a significant development in the push for a unified African payments ecosystem. By reducing the need for currency conversion and dependence on hard currencies, the platform aims to make cross-border payments more efficient and cost-effective. This move is expected to support trade and retail payments across the continent, as well as align with the objectives of the AfCFTA and the Ghana government's 24-hour economy policy.
As the African economy continues to grow, the need for efficient and cost-effective cross-border payments is becoming increasingly important. The activation of PAPSS on Prudential Bank's mobile app is a major step in addressing this need and unlocking new opportunities for businesses and individuals across the continent.
Source: Joy Online
