Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, said it has completed the first outbound and inbound transaction on the Pan-African Payment and Settlement System platform in Nigeria.
In a statement, it was mentioned that the PAPSS is the centralized Financial Market Infrastructure that supports payment arrangements with the goal of expanding pan-African trade and driving African Central Bank’s economic and financial integration agenda.
It claimed to have been set up for deployment in Nigeria, the Gambia, Sierra Leone, Liberia, Ghana, and Guinea countries that make up the West African Monetary Zone.
According to the announcement, the first outgoing transaction from Stanbic IBTC Bank to Ghana Commercial Bank was finished on September 30, 2022, while the first incoming transaction was finished on October 6, 2022.
The CEO of Stanbic IBTC Bank, Wole Adeniyi, hailed the deal as a method for the company to promote intra-African trade while also promoting affordable and risk-controlled payment, settlement, and clearing systems.
He said, “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.”
The Head, Transactional Products and Services, Stanbic IBTC Bank, Jesuseun Fatoyinbo, commenting on the rationale behind PAPSS, stated that the bank was focused on driving business growth for businesses and corporates.
Fatoyinbo said, “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.”
