Stanbic IBTC Bank Plc has completed the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in the country.
PAPSS is an initiative of the African Union and the AfCFTA secretariat, designed to provide a secure and efficient payment platform for African businesses, promoting intra-African trade and economic integration by facilitating payments and settlements for cross-border transactions within Africa in local currencies.
The transaction, worth N5 million, was carried out on behalf of a key corporate client from Ghana Commercial Bank (GCB) on March 3, 2023, marking the first inbound commercial transaction on PAPSS for Stanbic IBTC and Nigeria.
Chief executive of Stanbic IBTC Bank, Wole Adeniyi said: “we are delighted to have successfully processed our first inbound commercial transaction on PAPSS. This deal underscores our pledge to provide our clients with efficient and secure payment and settlement solutions that support their growth and expansion across Africa. We look forward to leveraging our expertise and the capabilities of PAPSS to enable more African businesses to tap into the opportunities presented by intra-African trade.”
Head of Transaction Banking at Stanbic IBTC Bank, Jesuseun Fatoyinbo also expressed confidence in the PAPSS platform, saying, this is a testament to the effectiveness of PAPSS in facilitating cross-border payments and settlement in a fast, secure, and cost-effective manner.
“We are proud to be at the forefront of this initiative and commend the efforts of Afreximbank and the African Union in developing the PAPSS platform and promoting intra-African trade,” Fatoyinbo said.
Chief executive of PAPSS, Mike Ogbalu III said: “we are delighted that Stanbic IBTC has completed its first inbound commercial transaction on PAPSS. This is a significant step towards achieving our goal of promoting intra-African trade and facilitating cross-border payment and settlement of transactions in African currencies. We believe that PAPSS has the potential to revolutionise the way businesses trade and settle transactions in Africa.”
The transaction recipient, Chapel Hill Denham expressed satisfaction with the seamless and efficient processing of the PAPSS platform, noting that, it has the potential to unlock immense opportunities for African businesses.
Stanbic IBTC Bank has reiterated its commitment to supporting the growth of intra-African trade and will continue to leverage its expertise and innovative solutions to provide efficient and secure payment and settlement solutions that enable clients to unlock the full potential of the African market.
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