Ghana: OmniBSIC Bank Partners PAPSS to Enhance Cross-Border Payments

6 June 2023
Ghanaian Times (Accra)
By Kingsley Asare

OmniBSIC Bank has announced a strategic partnership with the Pan-African Payment and Settlement System (PAPSS).

This collaboration signifies a remarkable milestone for the bank, as it reinforces its commitment to delivering exceptional and innovative banking services to its esteemed customers, while further solidifying the dedication to providing seamless financial solutions.

PAPSS is a centralised Financial Market Infrastructure designed to facilitate secure and efficient cross-border money transfers throughout Africa.

This innovative initiative, supported by Afreximbank and the African Continental Free Trade Area (AfCFTA), aims to enable instant cross-border payments in local currencies between countries in Africa.

As part of this partnership, OmniBSIC Bank successfully completed its first transaction to Nigeria on Thursday, June 1, 2023, through the PAPSS platform.

The transaction showcased the seamless transfer of funds in Cedis from a Ghanaian customer through OmniBSIC which was received in Naira by the beneficiary in Nigeria.

This achievement demonstrates the bank's commitment to leveraging innovative financial technologies and enabling greater financial inclusion for businesses and individuals.

Mr Daniel Asiedu, Managing Director of the Bank, speaking to the media in Accra on the achievement, expressed his excitement about the partnership, stating, "We are thrilled to collaborate with PAPSS in advancing financial integration across Africa."

"This partnership aligns perfectly with the bank's mission of providing excellent and innovative banking services to our customers through competent employees, extensive delivery channels and technology. Through the collaboration with PAPSS, we can offer our customers faster, more secure, and cost-effective cross-border payment solutions," he said.

Additionally, he emphasised that the bank's customers could now carry out transactions effortlessly from any branch of OmniBSIC Bank to some banks in Nigeria, Liberia, Gambia, Guinea, and Sierra Leone.

Mike Ogbalu III, CEO of PAPSS, on his part, said, "I am very delighted and proud to see OmniBSIC Bank joining the PAPSS network. This shows how PAPSS will be a game changer for the 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, private sectors, and other stakeholders."

He further stated, "PAPSS has run a successful pilot in the West African Monetary Zone (WAMZ) where transactions between countries did not exceed two minutes to be settled. This is a great opportunity for individuals, SMEs and businesses who want to make transactions across the African continent. PAPSS is currently working closely with the OmniBSIC team to allow its clients to do fast and secure cross-border payments in local currencies in the shortest possible time."

Read the original article on Ghanaian Times.

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