Director and Head of the Payment Systems Department at the Bank of Ghana (BoG), Dr. Amediku Settor, has urged Ghanaian commercial banks to collaborate with the Pan African Payment Settlement System (PAPSS) to enhance cross-border payments and promote intra-Africa trade.

Dr. Settor encouraged the banks to take the necessary steps to join the platform, as it would provide them with additional sources of income. He emphasized that banks play a crucial role in facilitating trade by offering financial services to businesses, and therefore, they should adopt initiatives that streamline cross-border transactions.

PAPSS is a financial market infrastructure that enables payment transactions across Africa. Dr. Settor highlighted the importance of diversifying revenue sources for banks beyond corporate and retail banking.

He urged banks that have not yet joined PAPSS to submit their requests to the payment system department for review and approval.

Monica Oraro, the Head of Product and Business Development at PAPSS, explained that customers would benefit from lower costs, faster transactions, and efficient validation of client information when using the system. She emphasized that PAPSS offers competitive pricing and quick payment processing, with transactions often taking between 7 and 20 seconds.

Oraro noted that PAPSS has primarily facilitated trade and capital market transactions, including investors from Nigeria making payments for investments in the Ghana Stock Exchange through the system.

Mr. Mike Ogbalu III, the Chief Executive Officer of PAPSS, highlighted the necessity for a payment system that supports Africa's trade and is governed by Africans. The introduction of PAPSS aims to address the existing gaps and align with the African Continental Free Trade Area initiative.