GCB Bank Plc, one of the largest banks in Ghana, says it has successfully completed the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana.
The transaction, it said, involves a Ghanaian incorporated entity initiating a supplier payment from GCB in Ghana Cedis to a beneficiary in Nigeria who receives the payment in Naira instantly.
The Managing Director of GCB, Mr Kofi Adomako, said, "This innovation revolutionalises the way Ghanaian individuals and businesses trade with the rest of Africa".
The PAPSS platform is expected to bring several benefits to GCB's customers as individuals and businesses will now have access to cheaper, faster turnaround, traceable and transparent cross-border payments. This development is also a major step in operationalising the AfCFTA objectives.
Mr Kofi Adomakoh noted, "GCB is excited about this feat, being the first on an innovative and leading-edge technology platform. We believe in PAPSS as a key driver in the AfCFTA agenda and the potential it has to transform the way our customers trade across the continent. We at GCB are very confident this will transform the payment ecosystem and facilitate trade among African countries".
He lauded the Bank of Ghana and Ghana Interbank Payment and Settlement Systems (GHIPSS) for the regulatory framework and immense support in operationalising the platform, saying, "We could not have achieved this without your continuous commitment to improving the payment system in Ghana. To Afreximbank, and the PAPSS Team based out of Cairo, we say Ayekoo for making the AfCFTA dream a reality".
The Chief Executive Officer of PAPSS, Mike Ogbalu III, said, "GCB's adoption of PAPSS is one of the fastest in Ghana, as the bank has not only been the first to complete the technical integration to our system, but has also been the first to complete customer transactions. This is a major milestone, as it now allows their customers to commence real-time cross-border payments in local currency".