By Modupe Gbadeyanka
Stanbic IBTC Bank Plc has processed its first inbound commercial transaction on the recently-launched Pan African Payment and Settlement System (PAPSS) in Nigeria.
PAPSS was designed by the African Union and the AfCFTA Secretariat to provide a secure and efficient payment platform for African businesses, promoting intra-African trade and economic integration by facilitating payments and settlements for cross-border transactions within Africa in local currencies.
The transaction carried out by the bank was worth N5 million, according to a statement from the company, and it was for a key corporate client from Ghana Commercial Bank (GCB).
It was stated that the transaction occurred on Friday, March 3, 2023, and the recipient was Chapel Hill Denham, which has expressed satisfaction with the seamless and efficient processing of the PAPSS platform, noting that it has the potential to unlock immense opportunities for African businesses.
“We are delighted to have successfully processed our first inbound commercial transaction on PAPSS. This deal underscores our pledge to provide our clients with efficient and secure payment and settlement solutions that support their growth and expansion across Africa.
“We look forward to leveraging our expertise and the capabilities of PAPSS to enable more African businesses to tap into the opportunities presented by intra-African trade,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, said.
Also, the Head of Transaction Banking at Stanbic IBTC Bank, Jesuseun Fatoyinbo, expressed confidence in the PAPSS platform, saying, “This is a testament to the effectiveness of PAPSS in facilitating cross-border payments and settlement in a fast, secure, and cost-effective manner.
“We are proud to be at the forefront of this initiative and commend the efforts of Afreximbank and the African Union in developing the PAPSS platform and promoting intra-African trade.”
On his part, the chief executive of PAPSS, Mr Mike Ogbalu III, said, “We are delighted that Stanbic IBTC has completed its first inbound commercial transaction on PAPSS.
“This is a significant step towards achieving our goal of promoting intra-African trade and facilitating cross-border payment and settlement of transactions in African currencies.
“We believe that PAPSS has the potential to revolutionize the way businesses trade and settle transactions in Africa.”
