Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, 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 Friday, 30 September 2022 from Stanbic IBTC Bank to Ghana Commercial Bank (GCB), while the return inbound transaction was completed on Thursday, 06 October 2022.
Stanbic IBTC Bank’s Chief Executive 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.
Jesuseun Fatoyinbo, Head, Transactional Products and Services, Stanbic IBTC Bank, also commenting on the rationale behind PAPSS 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,” he added.
Mike Ogbalu III, Chief Executive Officer, Pan-African Payment and Settlement System (PAPSS), commended Stanbic IBTC for being among one of the first banks in Nigeria to do commercial transaction with PAPSS.
“I would like to congratulate the Management of Stanbic IBTC for achieving this significant milestone while recognising the ongoing efforts of their team in making the system operational for the benefit of their customers”.
“By using PAPSS, Stanbic IBTC customers will now be able to do fast and cost-effective cross-border payments across countries of the WAMZ region, and in the close future across the African continent. This is in line with our objective to boost intra-African trade with the implementation of the African Continental Free Trade Area (AfCFTA)”.
Stanbic IBTC Bank remains committed to upholding its high standard of service delivery and transparency while also providing bespoke services to its clients.