FBNBank Ghana has announced its partnership with the Pan African Payment and Settlement System (PAPSS) to facilitate settlement of cross-border transactions that will create new financial flows in addition to promoting trade and other economic activities among African countries.

PAPSS is a financial market infrastructure that provides a secure and efficient channel for processing cross-border payments, ensuring speed, affordability and reliability in order to facilitate  intra-African trade.

PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks, payment service providers, and fintechs across the region can connect as participants.

The Afreximbank and the African Union (AU)  announced PAPSS at the Twelfth Extraordinary Summit of the African Union  held on July 7, 2019, in Niamey, Niger Republic, and officially launched it in Accra, Ghana on January 13, 2022.

Thus, PAPSS has been adopted as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).

Speaking on the Bank’s partnership with PAPSS, Mr. Victor Yaw Asante Managing Director of FBNBank Ghana stated that “FBNBank is excited about its involvement with PAPSS. As a bank we believe PAPSS will play a major role in the AfCFTA agenda which will change the way our customers trade across the continent. We believe this partnership will transform payments and also facilitate trade among African countries. The partnership perfectly aligns with the Bank’s brand promise which enjoins us to put our customers first thereby providing excellent banking services to them wherever they may be. Considering the network of our parent bank, First Bank of Nigeria which is spread across the African continent, customers of the Bank  can enjoy greater ease, safety and convenience as they go about their business and social activities.”

The Bank has so far undertaken transactions via PAPSS to Banks in the West African sub-region including First Bank of Nigeria Limited, Wema Bank PLC, Sapelle International Bank Liberia Limited and Bloom Bank Africa Gambia Limited.

Chief Executive Officer of PAPSS, Mike Ogbalu, on his part said, “I am very excited and proud to see FBNBank Ghana joining the PAPSS network.

This shows how PAPSS will be a game changer for the African continent by enabling infrastructure to spur the growth of intra-African trade and commerce, with the active participation of central banks, financial institutions, regional economic communities, the private sector, and other stakeholders.”

Mr. Ogbalu added that, “PAPSS has run a successful pilot in the West African Monetary Zone (WAMZ) where transactions between countries did not exceed 2 minutes to be settled. A great opportunity for individuals, SMEs and businesses who want to make transactions across the African continent. PAPSS is working closely with FBNBank Ghana team to allow its clients to do fast and secure cross-borders payments in local currencies.”