The Agricultural Development Bank (ADB) PLC has joined the Pan-African Payment and Settlement System (PAPSS) to facilitate cross-border payments among African countries and strengthen regional trade and financial integration.
Through this partnership with PAPSS, businesses and individuals can now send money instantly across African countries such as Guinea, Gambia, Liberia, Sierra Leone, and Nigeria. This service is now available at all ADB branches, and it is seamless, real-time, and cost-effective.
In his remarks on the service expansion, the Managing Director of ADB, Edward Ato Sarpong, emphasised the Bank’s commitment to leveraging technology and innovation for national and regional economic growth. He indicated that initiatives like PAPSS have the potential to transform intra-African trade in line with the agenda of the African Continental Free Trade Area (AfCFTA) Secretariat.
“We are dedicated to providing our customers with cutting-edge financial solutions that promote economic growth. Our partnership with PAPSS is a significant milestone in our digital transformation journey, ensuring that businesses and individuals can send and receive payments across Africa with speed, security, and efficiency,” the MD said.
Ato Sarpong noted that through this collaboration, ADB PLC aims to leverage PAPSS’s advanced payment infrastructure to drive financial inclusion, promote seamless transactions across borders, and support Africa’s economic growth.
He added that the days of convoluted currency conversions and exorbitant transaction fees are a thing of the past and urged businesses and individuals to take advantage of PAPSS to transact business directly across Africa in local currencies to foster regional trade and development.
Ato Sarpong indicated that ADB’s extensive branch network across Ghana positions the Bank as the ideal partner to facilitate the settlement of cross-border transactions for businesses seeking to leverage the benefits of PAPSS.
How PAPSS Works
PAPSS offers a seamless and efficient solution for cross-border payments. The platform enables real-time transactions using local currencies, thus eliminating currency conversions and reducing transaction fees and exchange rate risk. Businesses can make direct payments to suppliers, partners, or customers in other African countries through the PAPSS online platform.
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