PAPSS renews its partnership with Prudential Bank Ghana to enhance cross-border payments and local currency settlements across Africa, reinforcing intra-African trade under the AfCFTA framework.

The Chief Executive Officer (CEO) of the Pan-African Payment and Settlement System (PAPSS), Mike Ogbalu III, has led a 2-member delegation to pay a courtesy visit to Prudential Bank Ltd. The engagement provided a platform for strategic discussions on collaboration, innovation and the future of Africa’s cross-border payment ecosystem. This is because Prudential Bank was among the very first adopters of the PAPSS platform in 2022.

Addressing the meeting, the PAPSS CEO, Mr. Ogbalu III emphasized the role of strategic partnerships in shaping a seamless, inclusive and sustainable financial landscape across the continent applauding Prudential Bank’s dedication to the course of the platform from inception.

“Prudential Bank has been a committed partner on this journey from inception. You have led profound campaigns, especially with your school fees promotions, which have energised other banks to join the platform. We are here to assure you that we are devoted to this relationship for the long haul”, he said.

Responding, the Acting Managing Director of Prudential Bank, Ebow Quayson, assured the PAPSS Team that internal processes would be re-engineered to ensure customers transact seamlessly on the platform.

“We are working with our Digital Transformation Team to ensure that customers and Ghanaians transact effortlessly on the PAPSS platform. These include getting them to transact on our Mobile App and other digital platforms. We are totally committed to this inter-African payment platform, given its immense capabilities to facilitate African trade,” he said.

Officials of both entities took turns to update the meeting on progress made in their respective spaces and how both institutions could work to improve transaction performance, among others. A working committee was formed to follow up on all agreed actions.

The PAPSS delegation included the Chief Information Officer, Ositadimma Ugwu. The Prudential Team included the Executive Head, Corporate and Institutional Banking-Edward Commey, Executive Head Operations- Felix Awuku, Chief Information Officer- Leopold Armah, Head Transaction Banking - Zibrim Mohammed, Head Digital Transformation- Terrance Addy, Head Government & Strategic Partnerships- Akosua Boahen, Head Trade Services- Roger Ocansey, Head Commercial Banking -Frederick Adomako-Ansah and Kwaku Nyantekyi, Head Business Marketing.

PAPSS is a platform that enables banks and financial institutions in Africa to send and receive payments across the continent in their local currencies. It is a digital highway for money to move seamlessly between African countries, reducing reliance on international payment systems and making cross-border transactions faster and cheaper.