Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, said it completed the first outbound and inbound transaction on the Pan-African Payment and Settlement System platform in Nigeria.
It said it was deployed for use in the West African Monetary Zone in countries that are Nigeria, the Gambia, Sierra Leone, Liberia, Ghana and Guinea.
The statement said the first outbound transaction was completed on 30 September 2022 from Stanbic IBTC Bank to Ghana Commercial Bank, while the return inbound transaction was completed on 06 October 2022.
The Chief Executive, Stanbic IBTC Bank, 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.
He said, “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.”
The Head, Transactional Products and Services, Stanbic IBTC Bank, Jesuseun Fatoyinbo, commenting on the rationale behind PAPSS, stated that the bank was focused on driving business growth for businesses and corporates.
Fatoyinbo said, “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.”
