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 can transfer directly from your cedi account, and the beneficiary receives the funds in their local currency," he said.
According to him, the mobile application provides customers with a transparent transaction process by displaying exchange rates, transaction fees and other charges before payments are approved.
Before you approve the transaction, the app gives you the opportunity to review all the transaction details, including the exchange rate applied and the transaction fee. There are no hidden charges. Once you approve the transaction, your account is debited and the beneficiary receives the funds in their local currency," Addy explained.
The Pan-African Payment and Settlement System (PAPSS) is a centralized payment infrastructure developed to facilitate instant, secure and affordable cross-border payments across Africa. The platform enables businesses and individuals to trade and transfer funds in their local currencies, eliminating the need for intermediary currencies such as the US dollar.
Prudential Bank said customers can now use the mobile application to send cross-border payments anytime without visiting a banking hall, making African payments more accessible, faster and more convenient.
The bank noted that the innovation supports the objectives of AfCFTA by reducing foreign exchange dependency, lowering transaction costs, minimizing payment delays and simplifying cross-border trade across the continent.
The launch reinforces Prudential Bank's commitment to digital transformation and positions the bank among Ghana's leading financial institutions driving innovative payment solutions for intra-African trade.
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