Prudential Bank Limited has marked a significant milestone in African financial integration by successfully completing its first cross-border transaction to Kenya via the Pan-African Payment and Settlement System (PAPSS). The transaction, processed to KCB Bank Kenya, represents the Bank’s first PAPSS-based transfer outside West Africa and aligns with broader efforts to promote intra-African trade under the African Continental Free Trade Agreement (AfCFTA).
Promoting Innovation and African Unity
Commenting on the breakthrough, Bernard Gyebi, Managing Director of Prudential Bank, noted that the achievement underscores the Bank’s innovation-driven commitment to regional commerce:
“As one of the early adopting banks of PAPSS in Ghana, we are excited to have completed this transaction beyond West Africa. This is an affirmation of our commitment to enhance trade, payment and settlements in Africa. It’s a testament to our drive to entrench the Bank as a key player in the AfCFTA agenda.”
Expanding Africa’s Payment Capabilities
To date, 11 African countries—including Rwanda, Nigeria, Gambia, Sierra Leone, Kenya, Liberia, Ghana, Djibouti, Guinea, Zambia, and Zimbabwe—have gone live on PAPSS. An additional two—Tunisia and Comoros—are in the process of being onboarded.
Ebow Quayson, Executive Head of Retail and Commercial Banking at Prudential Bank, emphasized how PAPSS eliminates many traditional challenges in African trade:
“With so many countries and corresponding banks participating, the stage is set to grow trade across Africa. Our customers can now pay in Ghana Cedis, and their partners receive funds in their local currencies. It drastically reduces forex stress.”
He further acknowledged the vital support of the Bank of Ghana, Ghana Interbank Payment and Settlement System (GhIPSS), and the PAPSS team in achieving this feat.
About PAPSS
Launched in January 2022 in Accra, the Pan-African Payment and Settlement System (PAPSS) is a transformative platform created by Afreximbank to support the AfCFTA and facilitate seamless, real-time cross-border payments in local currencies across Africa.
PAPSS works in close collaboration with African central banks, commercial banks, fintechs, and other payment service providers. By enabling local currency transactions between countries, PAPSS promotes trade, reduces dependence on hard currencies like the U.S. dollar, and drives economic unity across the continent.