Prudential bank partners FinTechs to support SMEs under AfCFTA
Panellists on cross border payments have lauded the implementation of the Pan-African Payment and Settlement System (PAPSS) as a cutting-edge technology that connects African banks and other financial market.
They said PAPPS would unlock Africa’s potential for internal trade and enhance the efficient flow of cross-border trade and transactions on the continent.
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At a seminar organised by Prudential Bank in Accra to discuss the opportunities and benefits under the Pan-African Payment and Settlement System, the panellists welcomed the implementation of PAPSS as a sure way to secure payments among African countries.
Managing Director of Prudential Bank, John K. Addo, said the rollout of PAPSS would stimulate the expansion, diversification and development of African trade.
“PAPPS was created to unlock Africa’s massive potential for internal trade, which enables the efficient flow of cross-border trade and transactions in Africa”, he said.
He said the indigenous bank was partnering fintechs with operations in other African countries to support SME businesses to leverage opportunities under the Africa Continental Free Trade Area (AfCFTA) which presented a pipeline of opportunities in the near future.
Head of Trade Services at Prudential Bank, Vivian Boakye Ameyaw, said PAPPS was a timely innovation that would facilitate inter-trade among African countries, cutting out the cumbersome process individuals and businesses had to go through to send money across borders.
“One of the biggest financial challenges we face is sending money from one African country to another. For example, if a Prudential Bank customer in Ghana wants to send money to a relative in Nigeria, the money would have to go to an overseas bank in Europe or America”.
“This process is not only long but also costly because as the money goes around, surcharges increase. Fortunately, with the arrival of PAPSS this issue will be solved,” she added.
Head of Digital Transformation at Prudential Bank, Leopold Armah, expressed the bank’s commitment to provide better digital solutions to clients.
“PAPSS is addressing the realities of today’s customer which is the ability to do cross border payments just as they will do locally. In a similar way, PAPSS gives more meaning to the AFCTA framework, enabling seamless payments across the African continent,” Mr Armah said.
