Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, has completed the first outbound and inbound transaction on the Pan-African Payment and Settlement System (PAPSS) platform in Nigeria.
PAPSS, the centralised Financial Market Infrastructure (FMI) that supports payment arrangements with the objective of expanding pan-African trade and driving African Central Bank’s economic and financial integration agenda, was deployed for use in the West African Monetary Zone (WAMZ) in the following countries: Nigeria, the Gambia, Sierra Leone, Liberia, Ghana and Guinea.
The first outbound transaction was completed on September 30, 2022 from Stanbic IBTC Bank to Ghana Commercial Bank (GCB), while the return inbound transaction was completed on October 6, 2022.
The chief executive of Stanbic IBTC Bank, Wole Adeniyi, described the transaction as the organisation’s way of supporting intra-African trade while also supporting low-cost and risk-controlled payment, settlement, and clearing systems.
“This is a great opportunity for new and existing clients to take advantage of. The Pan-African Payment and Settlement System will enable interested individuals and businesses make cross border payments, thereby reducing, dependencies on foreign exchange and correspondent banks. Consequently, this will reduce requisite correspondent banking fees and mitigate central delays,” he added.
Speaking on the rationale behind PAPSS, head, Transactional Products and Services, Stanbic IBTC Bank, Jesuseun Fatoyinbo stated that the Bank is focused on driving business growth for businesses and corporates.
“At Stanbic IBTC, we are dedicated to moving the African economy to the next level, because Africa is our home, and we drive her growth. We understand that the operating environment is fluid, but with our expertise and array of services, we have created innovative solutions such as equity capital raises, payment solutions and a wide range of working capital and trade solutions to improve businesses.
“These capabilities enable us deliver world-class and cost-effective transactional banking solutions customised to meet our clients’ needs. With PAPSS, we want to ensure that we provide an innovative solution that supports our clients’ business growth while responding to changing business realities,” Fatoyinbo added.
Chief executive officer, Pan-African Payment and Settlement System (PAPSS), Mike Ogbalu commended Stanbic IBTC for being among one of the first banks in Nigeria to do commercial transaction with PAPSS.
