Prudential Bank has launched the Pan-African Payment and Settlement System (PAPSS) on its mobile banking application, enabling customers to send and receive money across participating African countries directly from their mobile phones in real time. The digital solution, unveiled at the Prudential Bank Business Forum, was officially launched by Professor Godfred Bokpin, together with the Acting Managing Director of Prudential Bank and other dignitaries. The integration makes Prudential Bank one of the first banks in Ghana to offer PAPSS transactions through a mobile banking platform, further advancing seamless cross-border payments under the African Continental Free Trade Area (AfCFTA). Speaking during a demonstration of the service, Head of Digital Transformation at Prudential Bank, Terrance Addy, explained that customers can now initiate transfers from their cedi accounts without the need for foreign currency. You don't need a foreign currency account to make a transfer. You ca...
Economist and Professor of Finance, Prof. Godfred Bokpin, has called on African governments to address the continent's weak transport, logistics and payment infrastructure, warning that high transaction costs continue to undermine intra-African trade despite the launch of the African Continental Free Trade Area (AfCFTA). Speaking at the Prudential Bank Business Forum on Wednesday on the topic, 'The Future of Intra-African Trade: Opportunities, Challenges and the Role of Ghanaian Businesses under AfCFTA', Prof. Bokpin said Africa's trade architecture remains largely designed to serve external markets rather than facilitate commerce within the continent. According to him, decades after independence, African countries still face structural barriers that make it easier to trade with Europe and Asia than with neighboring countries. He noted that in many cases, goods destined for another African country must first pass through Europe before reaching their final destination,...