African Century joins the Pan-African Payment and Settlement System (PAPSS) network to enable its customers to make cross-border payments across Africa
African Century today announces that it has joined the Pan-African Payment and Settlement System (PAPSS) network, a Financial Market Infrastructure, developed by the African Export-Import Bank (Afreximbank) and the African Union, that will create new financial flows and facilitate trade and other economic activities among African countries.
By joining PAPSS, African Century enables its customers to trade and make payments within Africa by accessing tens of thousands of end-users already connected across the platform’s growing community of financial institutions. Central banks joining the PAPSS infrastructure extend the collective reach of the payment system to millions more, with the resultant positive impact on intra-African Trade. PAPSS also envisions collaboration with other regional and continental cross-border payment systems to extend reach beyond African borders, supporting the growth of trade and investments with the African continent.
Mike Ogbalu III, CEO of PAPSS, said:
"I am thrilled and proud to welcome African Century to the PAPSS network, especially given their swift readiness to begin transactions. As the first bank in Zimbabwe to facilitate instant money transfers for its customers via PAPSS, it plays a vital role in advancing the African Continental Free Trade Area (AfCFTA) initiative in Zimbabwe. African Century’s integration into PAPSS highlights the potential of this platform to transform the continent by providing the necessary infrastructure to enhance intra-African trade and commerce, with the active participation of central banks, commercial banks, fintech, regional economic communities, the private sector, and other key stakeholders."