Pan-African Payment and Settlement System (PAPSS)

The Pan-African Payment and Settlement System (PAPSS) is a cross-border payment platform that is designed specifically for the settlement of payments between African countries. This settlement solution is intended to boost international trade among African nations under the African Continental Free Trade Area (AfCFTA) and foster economic and financial integration.

Prudential Bank Limited (PBL) has over the past twenty-six (26) years actively supported trade on the continent and beyond and is one of nineteen (19) banks in Ghana that have successfully completed the integration process and are live on PAPSS.

Customers can now send funds (in Cedis) to other African countries without requiring foreign currencies such as the US Dollar (this means, no dollar to cedi or cedi to dollar transaction involved). Such transfers can be initiated on the PAPSS platform at any of our branches nationwide. PAPSS eliminates the need for correspondent banking structures, making it unique compared to other cross-border payment systems. The transaction only involves the initiating bank and the receiving bank. This feature allows for instant settlements and reduces the cost involved in making cross-border payments, ensuring a seamless experience for customers. 

Currently, customers can send funds to Nigeria, Liberia, Gambia, Sierra Leone, Guinea, Djibouti, Zimbabwe, Malawi, Kenya, Rwanda and Zambia. 

Participating Nigerian banks that can send and receive payments through the PAPSS platform include First Bank, Stanbic IBTC Bank, UBA, Access Bank, Sterling Bank, LOTUS Bank, Keystone Bank, Wema Bank, Polaris Bank, Providus Bank, Union Bank, Jaiz Bank, Zenith Bank, Fidelity Bank, Optimus Bank, Coronation Merchant Bank, Parallax Bank, Taj Bank, FSDH Merchant Bank, Ecobank and FBNQuest Merchant Bank.

Liberia: International Bank of Liberia (IBL), Sapelle Bank of Liberia (SIB), Bloom Bank Africa, UBA, GT Bank and Ecobank Liberia. 

Gambia: Bloom Bank Africa (Gambia), AGIB Bank, Access Bank and Vista Bank Gambia. 

Sierra Leone: Bloom Bank Africa, UBA, Sierra Leone Commercial Bank (SLCB), Access Bank, Rokel Bank, GT Bank and Vista Bank.

Guinea: UBA, Access Bank, and Vista Bank. 

Djibouti: Salaam African Bank and East African Bank. 

Zimbabwe: African Century Bank, Banc ABC, Empower Bank, People’s Own Savings Bank and National Building Society.

Kenya: KCB, Access Bank and Equity Bank.

Rwanda: Bank of Kigali.

Malawi: National Bank of Malawi

Zambia: Access Bank

Please note that just like any other cross-border payment, transfers through PAPSS will be subject to the Foreign Exchange Act and all other existing regulations governing cross-border settlements.

For further details, call us toll-free on 0800 000 772, 0551 85 85 85, 0302 750 420, or visit any of our forty-one (41) business locations.