United Bank Africa Group together with Access Bank, Eco-Bank, KCB and Standard Bank Groups have on 19th June 2023 signed a Memorandum of Understanding (MoU) with the Pan-African Payment and Settlement System (PAPSS).
The said partnership aims to revolutionize the settlement of cross border transaction across Africa, leaning on the vast network of subsidiaries and representative office across major economic centers across Africa.
The partnership that many had and continues to refer to as strategic, took place at the Opening Ceremony of AFRIXIMbank’s 30th Annual general Meeting held in Accra , Ghana.
The Chief Executive Officer, Pan-African Payment and Settlement System (PAPSS), Mike Ogbalu expressed profound delight about the collaborations, noting that with the five African Multinational Commercial Banking Groups, mark an important milestone journey towards a more integrated and efficient Africa banking landscape.
He noted the bank Groups will help build a robust continental platform for fostering cross border payments.
President AFRIXIMbank, Prof. Benedict Oramah disclosed that the signing signifies a remarkable step towards the realization of the aspirations of Africa’s fore leaders, who envisaged the creation of a payment and clearing union about 60 years back.
The MoU, he continued will further draw Africans closer in domesticating cross boarder payments for cross border trade in Africa currencies.
The MoU will be put into effect gradually in partnership with Central banks in the countries where the five Group Banks operate.
