Jubilation as First Bank, Nigerian multinational bank and financial services company joins PAPSS

PAPSS is a Pan-African Payment & Settlement infrastructure that enables instant payments across African borders in local currency!

The Commercial Launch took place in Accra, Ghana, on Thursday, January 13, 2022 after a successful pilot in the West African Monetary Zone (WAMZ) i.e., in Gambia, Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone in an event that recorded more than 330 physical attendees among which...more than 10 African Governments, more than 10 Central Banks, more than 15 Commercial banks, more than 5 Switches, and more than 20 other financial institutions & organizations.

With 42 currencies in Africa, the new approach allows a customer in one African country to pay in their own currency, while a seller in another country receives payment in their own currency.

With PAPSS, Africans will no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank – adding days to the transaction time.?

With PAPSS, horrible experiences like, " I paid an extra $165 ( $30 as transfer fee, $35 as SWIFT charges and another $100 bank charges ) on top of a $10,000 bank transfer to the seller on orders within Africa is over.?

With PAPSS, ' a cumbersome and time-consuming process “costs us [Africans] about $5 billion in [money transfer] charges each year,” according to Benedict Oramah, President of the African Export-Import Bank, (Afreximbank), in an interview with Africa Renewal'' is coming to an end.?

How PAPSS works

Sending money using the PAPSS is a five-step process:?

1.) The first step is when an individual issues a payment instruction to their local bank or payment service provider.?

2.) Second, the bank or the payment service provider?sends the instructions to PAPSS.?

3.) Third, PAPSS validates the payment instruction.??

4.) Fourth, upon successful validation, PAPSS will forward the instruction to the beneficiary’s bank or payment service provider.?

5.) Lastly, the bank or payment service provide pays the transferred funds, in local currency, to the beneficiary.?

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