CalBank is pleased to announce its membership in the Pan-African Payment and Settlement System (PAPSS), marking a significant step towards facilitating cross-border settlements, boosting financial inclusion, and fostering economic growth across Africa.
The collaboration between CalBank and PAPSS aligns seamlessly with PAPSS’ goal of establishing a robust payment infrastructure among African nations, promoting seamless transactions and accelerating economic progress continent-wide. This partnership is expected to make substantial contributions to the success of the African Continental Free Trade Area (AfCFTA), the world’s largest trading and economic bloc.
PAPSS, adopted by the African Union to implement AfCFTA, is transforming intra-African payments by creating a consistent ecosystem that empowers businesses and individuals to conduct cross-border transactions effortlessly, reducing costs, and enhancing efficiency. The collaboration with CalBank is anticipated to expand PAPSS’ reach, playing a crucial role in achieving AfCFTA’s objectives.
Philip Owiredu, Managing Director of CalBank stated, “We are thrilled to partner with PAPSS, an organization that shares our vision of driving financial inclusion and empowering African businesses. CalBank’s extensive network across Ghana positions us as the ideal conduit for businesses seeking to leverage the benefits of PAPSS. Through this partnership, we aim to unlock immense opportunities for our customers and contribute to the growth and development of the African economy.”
For more information on CalBank visit www.calbank.net