Access Bank Plc and The Pan African Payment and Settlement System (PAPSS) have signed a Memorandum of Understanding (MoU) to facilitate settlement of cross-border transactions of the Group, including the transactions of all their subsidiaries through PAPSS.
The MoU was signed on Monday, June 19, 2023 during the opening ceremony of the 30th Afreximbank Annual Meeting (AAM) held in Ghana.
The event was honored by President Akufo-Addo, and other African Heads of States.
Also present were Professor Benedict Oramah, President of Afreximbank, Wamkele Mene, Secretary General of the AfCFTA and many other dignitaries.
Established by the African Export-Import Bank (Afreximbank) and the Africa Continental Free Trade Area (AfCFTA) Secretariat, PAPSS is a financial market infrastructure that provides a secure and efficient channel for processing cross-border payments, ensuring speed, affordable cost, and reliability in order to facilitate intra-African trade. During the ceremony, PAPSS also introduced the Commercial Bank Settlement Model, a new settlement model which offers the commercial banks a window to open and fund their own settlement accounts at Afreximbank and manage their own liquidity according to their banking needs.
By leveraging the capabilities of PAPSS, Access Bank affiliates in more than 18 countries and 700 branches with over 60 million customers, will streamline and expedite the transfer of funds while ensuring transparency and compliance under the Regulators supervision. Additionally, the partnership aligns with the African Union's vision of promoting intra-African trade and economic integration through enhanced financial connectivity. By leveraging their combined expertise, Access Bank and PAPSS are poised to contribute to the growth and development of the African economy.
Commenting on the signing, the Deputy Managing Director, Access Bank Plc, Victor Etuokwu said “As a global brand with African heritage, driven by the purpose of making banking a positive force in Africa and beyond, we are committed to empowering African economies and promoting sustainable growth. We want to develop the society around us, supporting local entrepreneurs and investing in communities. This is why we partnered with Afreximbank’s PAPSS to facilitate intra-African trade and payments within Africa using local currencies of send and receive countries. This aims to facilitate and promote a more efficient payment and settlement of transactions across borders, improving the payment landscape in Africa. Leveraging our reach, through the PAPSS platform we will be offering seamless trade payments to our over 60m customers across all operations.
Access Bank Nigeria has now begun receiving inflows through the PAPSS platform, making it one of the first banks in Nigeria to do so. Meanwhile, other countries in the WAMZ (West Africa Monetary Zone) region where PAPSS is being piloted, such as Ghana, Guinea, Gambia, Cameroon, and Sierra Leone, are currently undergoing governance requirements and will soon begin integrating the system. By the end of the year, additional subsidiaries will be in various stages of onboarding to the PAPSS platform. We strongly believe in the potential of the continent and are dedicated to driving positive change to create a lasting impact”. Victor concluded.
Latest Stories
-
USM Alger receive warm welcome at Oujda Airport ahead of game against RS Berkane
40 seconds -
2023/24 Ghana Hockey League to kick-off this weekend
13 mins -
All payments received from our contract with GRA are performance-based, says SML
49 mins -
Marrakech 2024: Ghana’s para-athlete Zinabu Issah wins Gold
50 mins -
Our contract with GRA followed due process; ignore contrary reports – SML
52 mins -
SML is just Agyapa in suit and tie – Bright Simons
1 hour -
Domelevo condemns selection of KPMG to audit GRA/SML contract as illegal and unprofessional
2 hours -
SML/GRA contract: OSP should have released its report by now – Inusah Fuseini
2 hours -
KPMG report exonerates us – SML
3 hours -
Works and Housing Ministry seeks lasting solutions to challenges with stakeholders engagement
3 hours -
President’s statement on GRA-SML contract underlines Fourth Estate’s revelation – MFWA
3 hours -
Our services are one of a kind, not done by NPA – SML insists
3 hours -
We operate legally and collaborate with world-class partners – SML
3 hours -
Director urges parents to protect children from abuse
3 hours -
Imani-Ghana criticises Akufo-Addo for not lauding Fourth Estate’s contribution to social development
3 hours