Prudential Bank has gone live with the Pan African Payment and Settlement System (PAPSS) on its Mobile App, allowing customers to send and receive cross-border payments across Africa seamlessly and round the clock.
The move significantly expands access to PAPSS and positions the Bank as a key player in advancing digital retail payments and intra-African trade. It also means customers can transact directly in local currencies, eliminating currency convertibility issues and reducing dependence on hard currencies.
Commenting on the development, Acting Managing Director of the Bank, Ebow Quayson, described the launch as a major boost for trade and retail payment activities across the continent.
"This is African trade powered by African solutions, made by Africans for Africa. The activation of PAPSS on our Mobile App is a major step in supporting intra-African trade and enhancing retail payment convenience. This platform enables our customers to transact across borders in a faster, safer and more cost-effective manner, while aligning with the objectives of the African Continental Free Trade Area and the Ghana government's 24-hour economy policy," Mr Quayson said.
The Chief Executive Officer of PAPSS, Mike Ogbalu III, commended Prudential Bank for extending PAPSS functionality to its mobile banking users.
"Prudential Bank going live on PAPSS for customers represents a significant milestone in building a unified and efficient payments ecosystem for Africa. By making PAPSS available on mobile banking, the Bank is helping to break down long-standing barriers to cross-border payments and unlocking new opportunities for businesses and individuals across the continent," he said.
PAPSS, an initiative supported by Afreximbank in partnership with the African Union and the AfCFTA Secretariat, operates in over 21 countries and connects more than 180 commercial banks and fintechs. It facilitates instant cross-border payments in local currencies, reducing reliance on hard currencies and enhancing seamless trade throughout Africa.
Available immediately on the Prudential Bank Mobile App, customers can now download or access the app to send money across borders with PAPSS.