African Banking Corporation Limited (ABC Bank) has gone live on the Pan-African Payment and Settlement System (PAPSS), enabling customers to send and receive payments across 28 participating African countries instantly, securely and affordably.
The service enables individuals and businesses to make near-instant personal and business payments directly from their ABC Bank accounts to recipients’ accounts at more than 190 participating banks in the PAPSS network. The secure and affordable service reduces the cost and time associated with traditional international transfers.
Customers can choose between two payment options: they can send money in Kenyan Shillings (Ksh) and the recipient will receive the payment in their local currency, or send money in US Dollars (USD) and the recipient will receive the payment in USD. The US Dollar option requires both the sender and the recipient to have USD bank accounts.
“Historically, intra-African payments were routed through correspondent banks outside the continent, resulting in slower and more expensive transfers. By joining the PAPSS network, our customers can now make affordable, near-instant payments,” ABC Bank Managing Director, Mr Apollo Njoroge, said.
Developed by Afreximbank in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, the network currently connects 28 African countries, more than 190 commercial banks and fintechs, and 16 payment switches, with more countries and financial institutions expected to join.
Through this integration, ABC Bank intends to strengthen its role in facilitating regional trade and financial connectivity, while supporting businesses and individuals to transact more seamlessly across the African markets.
