The transaction was initiated in Ghana Cedis on behalf of an individual customer of the bank, which was instantly received by the beneficiary in Nigeria in Naira.

The PAPSS platform serves as an enabler of the African Conti­nental Free Trade Area (AfCFTA) by providing African businesses and individuals with the opportu­nity to initiate payments in their respective local currencies, with recipients also receiving funds in their local currencies.

This innovative solution will en­able businesses to effect cross-bor­der payments in a more efficient, affordable, and transparent manner in line with the operational objec­tive of AfCFTA, which is expected to create the largest free trade area in the world.

PAPSS eliminates the over-reli­ance on foreign currencies with its attendant economic woes.

The Managing Director of Prudential Bank, Mr Bernard Appiah Gyebi, commenting on the significant milestone achieved by the bank, said, “It is a moment of pride for the bank and its employ­ees to have completed our inaugu­ral transaction on the PAPSS plat­form, making us one of the early adopters in Ghana. This achieve­ment highlights our unwavering commitment to innovation in our operations to deepen pan-African trade, and our dedication to always provide our esteemed customers with value-added services”.

Mr Ebow Quayson, the Exec­utive Head, Business, expressed his gratitude to the teams at the Pan-African Payment and Settle­ment Systems (PAPSS), Bank of Ghana and the Ghana Interbank Payment and Settlement Systems (GHIPSS) for providing Pru­dential Bank with the extensive support that ensured the successful completion of the bank’s inaugural transaction on the platform.

“We have undergone compre­hensive test-runs and integration processes, and are confident of the PAPSS system. The platform is indeed a significant contributor to the AfCFTA programme. We recognise its potential to revo­lutionise the way our customers conduct trade activities throughout the continent, while significantly cutting transaction costs and giving true meaning to financial indepen­dence.”

Mrs Vivian Boakye Ameyaw, Head of Trade Services at Pruden­tial Bank, said, “PBL is very proud of the PAPSS initiative and is very committed to giving it the needed support to make it succeed”.

“PAPSS is indeed a successful African solution to an African challenge, and it is proof that we as Africans have what it takes to turn our fortunes around if we put our hearts and minds to it. May the success of PAPSS unlock the door to many more African solutions which will drive the success of AfCFTA,” she said.

“The addition of PAPSS to Prudential Bank’s product suite is a testament to the fact that PBL is indeed an emerging bank on the digital banking front, having won the Emerging Digital Bank accolade last year at both Ghana Information Technology & Tele­coms Award (GITTA) & Connect­ed Banking West Africa (ICSA),” she said.