Ecobank Group, and The Pan African Payment and Settlement System (PAPSS) have signed a Memorandum of Understanding (MoU) to facilitate settlement of cross-border transactions of the Group, including the transactions of all their subsidiaries, through PAPSS.
The MoU was signed during the opening ceremony of the 30th African Export-Import Bank (Afreximbank) Annual Meeting held in Ghana.
Commenting on the signing, the Chief Executive Officer, Ecobank Group, Mr. Jeremy Awori in a statement said, “Partnerships such as the one we have signed on PAPSS are essential for the delivery and success of the AfCFTA and for the financial integration and economic development of our continent.
“We are committed to the success of PAPSS and are pleased to bring on board our payments and collections expertise from our African coverage of 33 markets.
“This partnership ensures that all partner banks and PAPSS can expand their reach rapidly and enable greater and wider intra-African trade. Today, we begin to change and rewrite the narrative of low intra-African trade by removing the barrier to efficient and instant payments and collections in African currencies.”
The Chief Executive Officer, PAPSS, Mr Mike Ogbalu III, in a statement also said, “Having the cooperation of Ecobank Group, one of the major banks in Africa, is a huge honour, but more importantly, it shows that PAPSS is the payment system that will transform the way that people in Africa conduct cross-border transactions. To this end, I appreciate the bank’s management for having faith in PAPSS.”
