Polaris Bank has announced its onboarding to the Pan-African Payment and Settlement System (PAPPS) to ease cross-border trade and payments for its existing and potential customers.
In a statement issued on Monday, the bank noted that PAPPS is a cross-border financial infrastructure developed by the African Export and Import Bank (Afreximbank).
Group Head, Global Trade Business, Ayo Adesanya, said the launch of PAPPS underscores the bank’s commitment to leveraging innovative solutions to simplify processes for customers.
PAPPS is embedded with several unique key features and delivers immense benefits for the bank’s current customers and prospects. These features include seamless transaction management, meaning merchants and those involved in regional trade can now initiate and track cross-border payments within a single, user-friendly platform.
Adesanya said: “The payment gateway offers a centralised hub for managing transactions and hitherto multiple currency exchange systems. This feature reduces currency exchange risks and associated costs, ultimately benefiting our customers’ bottom lines.
“Polaris Bank signing up to PAPPS, developed by AfreximBank, is poised to ease international trade by simplifying payment processes, reducing risks, and enhancing efficiency. It empowers businesses to seize new opportunities in the continent and regional marketplace.”
Apart from easing cross-border payment, PAPPS also bolsters compliance and security as the payment gateway incorporates robust security measures to safeguard sensitive financial information, ensuring that transactions are executed securely and in compliance with international regulations.
