Prudential Bank Limited (PBL), an indigenous financial institution, has successfully executed the first-ever transaction through the Pan-African Payment and Settlement Systems platform (PAPSS) to Liberia. The transaction involved the seamless transfer of funds from Ghana to a client in Ecobank Liberia, exemplifying the platform and the Bank’s potential to drive cross-border trade and enhance financial interactions within the African continent.
The transaction, conducted in Ghana cedis, showcased the innovative capacity of the Bank and PAPSS to instantly convert the payment into Liberian Dollars (LRD) for the beneficiary in Liberia.
Commenting on the successful completion of the bank's inaugural Liberia PAPSS transaction, the Managing Director of Prudential Bank, Bernard Appiah Gyebi, said it was a feat of no mean achievement.
“This accomplishment highlights the institution's unwavering dedication to innovation and its pivotal role in deepening pan-African trade. The Bank's commitment to deliver value-added services to its esteemed customers is abundantly evident through this achievement. The Bank has so far processed 27 successful transactions and counting,” he stated.
PAPSS aligns seamlessly with the ambitions of the African Continental Free Trade Area (AfCFTA). This platform functions as a critical enabler by allowing businesses and individuals to initiate payments and receive funds in their local currencies, ultimately fostering hassle-free trade.
The Executive Head of Business at Prudential Bank, Ebow Quayson, commended the teams at PAPSS, the Bank of Ghana, and the Ghana Interbank Payment and Settlement Systems (GHIPSS) for their support.
“The rigorous testing and integration processes underscore Prudential Bank's confidence in the PAPSS system,” he stated and added that “the platform has the potential to revolutionise trade activities while significantly reducing transaction costs, echoing AfCFTA's objectives for financial empowerment and prosperity.”
The Head of Digital Transformation at Prudential Bank, Leopold L. Armah, affirmed the bank’s commitment to support the implementation of PAPSS.
He said PAPSS was a homegrown solution to a continental challenge, serving as a testament to Africa's ingenuity and potential for transformation.
“The successful integration of PAPSS into Prudential Bank's offerings underscores its emergence as a digital banking leader. This accomplishment symbolises the bank's continued commitment to spearheading innovation and the success of AfCFTA goals,” Mr. Armah said.
The pioneering approach, he said, enabled businesses and individuals to engage in transactions using their local currencies, eradicating the need for reliance on foreign currencies and their associated economic challenges.
He said the success of PAPSS transcended being merely a technological achievement and provided a practical solution to the challenges of conducting transactions across diverse African economies.