<\/p>\n
They said PAPPS would unlock Africa\u2019s potential for internal trade and enhance the efficient flow of cross-border trade and transactions on the continent.<\/p>\n
At a seminar organised by Prudential Bank in Accra to discuss the opportunities and benefits under the Pan-African Payment and Settlement System, the panellists welcomed the implementation of PAPSS as a sure way to secure payments among African countries. <\/p>\n
Managing Director of Prudential Bank, John K. Addo, said the rollout of PAPSS would stimulate the expansion, diversification and development of African trade.<\/p>\n
\u201cPAPPS was created to unlock Africa\u2019s massive potential for internal trade, which enables the efficient flow of cross-border trade and transactions in Africa\u201d, he said.<\/p>\n
He said the indigenous bank was partnering fintechs with operations in other African countries to support SME businesses to leverage opportunities under the Africa Continental Free Trade Area (AfCFTA) which presented a pipeline of opportunities in the near future.<\/p>\n
Head of Trade Services at Prudential Bank, Vivian Boakye Ameyaw, said PAPPS was a timely innovation that would facilitate inter-trade among African countries, cutting out the cumbersome process individuals and businesses had to go through to send money across borders.<\/p>\n
\u201cOne of the biggest financial challenges we face is sending money from one African country to another. For example, if a Prudential Bank customer in Ghana wants to send money to a relative in Nigeria, the money would have to go to an overseas bank in Europe or America\u201d.<\/p>\n
\u201cThis process is not only long but also costly because as the money goes around, surcharges increase. Fortunately, with the arrival of PAPSS this issue will be solved,\u201d she added.<\/p>\n
Head of Digital Transformation at Prudential Bank, Leopold Armah, expressed the bank\u2019s commitment to provide better digital solutions to clients.<\/p>\n
\u201cPAPSS is addressing the realities of today\u2019s customer which is the ability to do cross border payments just as they will do locally. In a similar way, PAPSS gives more meaning to the AFCTA framework, enabling seamless payments across the African continent,\u201d Mr Armah said.<\/p>\n<\/div>\n