Stanbic IBTC Bank Plc has completed its first inbound commercial transaction through Nigeria’s newly launched Pan African Payment and Settlement System (PAPSS).
The African Union and the AfCFTA Secretariat created PAPSS 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 in local currencies within Africa.
According to a company statement, the bank’s transaction was worth N5 million and was for a key corporate client of Ghana Commercial Bank (GCB).
The transaction was said to have taken place on Friday, March 3, 2023, and the recipient was Chapel Hill Denham, which has expressed satisfaction with the PAPSS platform’s seamless and efficient processing, noting that it has the potential to open up enormous 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.
Jesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, also expressed confidence in the PAPSS platform, saying, “This is a testament to PAPSS’s effectiveness 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.
