GCB Bank Plc, one of the largest banks in Ghana, has today, Wednesday, March 8, announced its successful completion of the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana.
The transaction involved a Ghanaian incorporated entity initiating a supplier payment from GCB in Ghana Cedis to a beneficiary in Nigeria who received the payment in Naira instantly.
According to the bank, this innovation modernizes the way Ghanaian individuals and businesses trade with the rest of Africa.
“GCB is committed to providing innovative and efficient banking solutions to its customers and remains at the forefront of introducing solutions such as the telco-agnostic e-wallet, e-payments, and cashless banking to the market.”
GCB
The PAPSS platform is expected to bring several benefits to GCB’s customers as individuals and businesses will now have access to cheaper, faster turnaround, traceable and transparent cross-border payments. This development is also a major step in operationalizing the AfCFTA objectives.
The Managing Director of GCB, Mr. Kofi Adomakoh, said:
“GCB is excited about this feat, being the first on an innovative and leading-edge technology platform. We believe in PAPSS as a key driver in the AfCFTA agenda and the potential it has to transform the way our customers trade across the continent. We at GCB are very confident this will transform the payment ecosystem and facilitate trade among African countries.”
Mr. Kofi Adomakoh
The Bank extended its profound gratitude to the Bank of Ghana and the Ghana Interbank Payment and Settlement Systems (GHIPSS) for the regulatory framework and immense support provided in operationalizing the PAPSS platform. GCB also thanked its cherished customers for the trust and loyalty instilled in the company’s brand.
“We could not have achieved this without your continuous commitment in improving the payment system in Ghana. To Afrieximbank, and the PAPSS Team based out of Cairo, we say Ayekoo for making the AfCFTA dream a reality.
“To our valued customers, we say thank you for coming unto this journey with us. At the heart of the deployment of this innovative solution is our relentless quest to leverage technology and partnerships to deliver enhanced customer experience. This solution provides you with a more secure, convenient, transparent and cheaper way of making and receiving payments across Africa.”
Mr. Kofi Adomakoh
Moreover, Mr. Adomakoh encouraged all to join in welcoming this exciting new chapter in GCB’s digital journey, embracing the new payment solution and capturing the enormous Pan-African opportunities it brings to drive growth, innovation and superior customer experience.
On his part, Mike Ogbalu III, Chief Executive Officer (CEO) of PAPSS said:
“GCB’s adoption of PAPSS is one of the fastest in Ghana, as the bank has not only been the first to complete the technical integration to our system but has also been the first to complete customer transactions. This is a major milestone, as it now allows their customers to commence real-time cross-border payments in local currency.
“This milestone couldn’t be possible without the commitment and unbeatable support of the Bank of Ghana (BOG) as well as the National Switch namely; the Ghana Interbank Payment and Settlement Systems (GhIPSS). Therefore, I would like to commend BOG, GhIPSS and GCB for all the efforts put together to ensure the smooth operationalization of PAPSS in Ghana.”
Mike Ogbalu III
The Pan African Payment and Settlement System
PAPSS, as it is called in short is a centralized Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimizing risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’.
It was launched at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, by the Afrieximbank and the African Union (“AU”), therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).
Further, in its thirteenth (13th) extraordinary session, held on the December 5, 2020, the assembly of African Union recommitted and instructed the Afreximbank and the AfCFTA secretariat to finalize among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU, further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent.
