Prudential Bank activates PAPSS on mobile app for cross-border African payments
Prudential Bank Ltd has activated the Pan African Payment and Settlement System (PAPSS) on its mobile banking app, enabling customers to send and receive cross-border payments across participating African countries at any time. The bank stated this integration expands access to PAPSS and allows customers to make transactions directly in local currencies, reducing the need for currency conversion and dependence on hard currencies. Acting Managing Director of Prudential Bank, Ebow Quayson, said, "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 (AfCFTA) and the Ghana government's 24-hour economy policy."
Chief Executive Officer of PAPSS, Mike Ogbalu III, welcomed the development, stating it broadens access to the continental payment platform. PAPSS is an initiative backed by Afreximbank in partnership with the African Union and the AfCFTA Secretariat. It currently operates in more than 21 African countries and connects over 180 commercial banks and fintech companies.
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Prudential Bank has integrated the Pan African Payment and Settlement System (PAPSS) into its mobile banking app. This development aims to
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