ADB joins PAPSS to enhance cross-border payments

 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 had 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 asserted.

Ato Sarpong noted that through this collaboration, ADB PLC aims to leverage PAPSS’s advanced payment infrastructure to drive financial inclusion, promote seam­less transactions cross-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 further 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.

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

BY TIMES REPORTER

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