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A boost for intra-African trade: Prudential Bank Limited (PBL), a local financial institution, has successfully completed its first transaction through the Pan-African Payment and Settlement System (PAPSS) in Nigeria. The transaction was initiated in cedis, the currency of Ghana, on behalf of a bank customer, which was immediately received by the beneficiary in Nigeria in naira.
The Papss platform serves as an enabler of the African Continental Free Trade Area (AfCfta) providing African businesses and individuals with the opportunity to initiate and receive payments in their respective local currencies. This innovative solution should eliminate the excessive dependence on foreign currencies with the associated economic problems.
Prudential Bank CEO Bernard Appiah Gyebi, commenting on the bank’s significant milestone, said: “It is a proud moment for the bank and its employees to have completed the inaugural transaction on the Papss platform, making us one of the first users in Ghana,” he said, expressing his gratitude to the Pan-African Payment and Settlement Systems (Papss), Bank of Ghana and Ghana Interbank Payment and Settlement Systems (Ghipss) teams for providing Prudential Bank with the extensive support that ensured the success of the bank’s inaugural operation on the platform.
“We have carried out extensive testing and integration processes and are confident about the Papss system. The platform is indeed a significant contribution to the AfCfta programme. We recognize its potential to revolutionize the way our clients conduct business across the continent, significantly reducing transaction costs and giving real meaning to financial independence,” added the CFO. [Da Redazione InfoAfrica]
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Read our Zoom dedicated to the opportunities arising from the entry into force of the Continental Free Trade Area in Africa: https://www.africaeaffari.it/rivista/golfo-chiama-africa
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