Prudential Bank activates PAPSS on mobile app for cross-border African payments

Prudential Bank Ltd has activated the Pan African Payment and Settlement System (PAPSS) on its mobile banking app, enabling customers to send and receive cross-border payments across participating African countries at any time. The bank said the integration expands access to PAPSS and allows customers to make transact

Many cross-border transactions still rely on the US dollar as an intermediary currency. At the same time, African currencies are often difficult to exchange directly, and few mechanisms exist for countries to settle payments with one another in local currencies.