Polaris Bank has enrolled in the Pan-African Payment and Settlement System (PAPSS).
The cross-border financial infrastructure initiated by Afreximbank empowers the bank’s existing and potential customers to execute trade and payments across Africa seamlessly.
According to a statement, the inter-African trade payment gateway was a solution designed to empower those who trade international within African continent, with streamlined, efficient, and secure payment processes.
Speaking on the digital payment gateway, Polaris Bank’s Group Head, Global Trade Business, Ayo Adesanya, said the launch of PAPPS underscored the bank’s commitment to leveraging innovative solutions to simplify processes for customers.
The banker added that PAPPS was 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.
“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.” she further disclosed.
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.
“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,” the Group Head stated.