PAPSS Money Transfer
The Pan-African Payment and Settlement System (PAPSS) is a cross-border payment platform that is designed specially for the settlement of payments between African countries. This settlement solution is intended to boost international trade among African nations under the African Continental Free Trade Area (AfCFTA) and foster economic and financial integration.
Imperia Bank has over the past fifteen (15) years actively supported trade on the continent and beyond and is one of nineteen (19) banks in Africa that have successfully completed the integration process and are live on PAPSS.
Customers can now send funds (in African Currency) to other African countries without requiring foreign currencies such as US Dollar (this means, no dollar to African currency or African currency to dollar transaction involved). Such transfers can be initiated on the PAPSS platform at any of our branches nationwide. PAPSS eliminates the need for correspondent banking structures, making it unique compared to other cross-border payment systems. The transaction only involves the initiating bank and the receiving bank. This feature allows for instant settlements and reduces the cost involved in making cross-border payments, ensuring a seamless experience for customers.
Currently, customers can send funds to Africa only. Participating banks that can send and also receive payments through the PAPSS platform include First Bank, Stanbic IBTC Bank, UBA, Access Bank, Sterling Bank, LOYUS Bank, Keystone Bank, Wema Bank, Polaris Bank, Providus Bank, Union Bank, Jaiz Bank, Zenith Bank, Optimus Bank, Coronation Merchant Bank, Parallax Bank, GCB Bank, CBG Bank, Ecobank Ghana, GT Bank, SG Bank, Standard Chartered Bank, Universal Merchant Bank, First National Bank, First Atlantic Bank and Cal Bank.
Please note that just like any other cross-border payment, transfers through PAPSS will be subject to the Foreign Exchange Act and all other existing regulations governing cross-border settlements.
For further details, contact us at info@imperiabank.com or visit any of our three (3) business locations.