Nigeria's first live Pan-African Payment and Settlement Systems (PAPSS) transaction was successfully completed by local financial institution Prudential Bank Limited (PBL).
On behalf of a single bank client, the transaction was started in Ghana Cedis, and the recipient in Nigeria immediately got payment in Naira.
The PAPSS platform helps the African Continental Free Trade Area (AfCFTA) function by enabling African firms and people to make payments in their home currencies and allowing receivers to receive monies in the same way.
According to the operational goal of the African Continental Free Trade Area, which is anticipated to become the largest free trade area in the world, this creative solution will allow businesses to execute cross-border payments more effectively, affordably, and transparently.
The excessive reliance on foreign currencies and its associated economic problems are eliminated by PAPSS.
Bernard Appiah Gyebi, the managing director of Prudential Bank, commented on the achievement.
As one of the early adopters in Ghana, the bank and its workers are filled with pride after completing their first transaction on the PAPSS platform.
This accomplishment demonstrates our devotion to providing our esteemed clients with value-added services and our ongoing commitment to innovation in our operations to strengthen pan-African commerce.
Support
"We extend our appreciation to the teams at the Pan-African Payment and Settlement Systems (PAPSS), Bank of Ghana, and Ghana Interbank Payment and Settlement Systems (GHIPSS)," stated Ebow Quayson, Executive Head, Business of Prudential Bank.
"The PAPSS system has passed stringent test runs and integration procedures, and we are confident in it.
The platform is a critical contributor to the AfCFTA initiative, and we acknowledge its potential to revolutionise the way our clients conduct business across the continent while drastically reducing transaction costs and defining genuine financial independence', he continued.
evidence of originality
Vivian Boakye Ameyaw, Head of Trade Services at Prudential Bank, stated that the PBL was really proud of the PAPSS programme and was highly dedicated to provide it with the assistance it needs to be successful.
"PAPSS is a successful African response to an African problem, and it demonstrates that we Africans are capable of changing our circumstances if we put our hearts and minds to it. The success of PAPSS, she said, "may open the door to many more African ideas that will fuel the success of AfCFTA.
Having received the Emerging Digital Bank award at both the Ghana Information Technology & Telecoms Award (GITTA) and Connected Banking West Africa (ICSA) last year, PBL is truly an emerging bank on the front of digital banking, she added.
blogpay
Total Comments: 0