PAPSS providing infrastructure to support innovation

The Pan-African Payment and Settlement System (PAPSS) is making significant strides in revolutionizing the payment landscape across the continent. CEO, Mike Ogbalu, highlighted the platform's collaboration with payment service providers, banks, and mobile network operators to integrate infrastructure that supports innovative payment solutions. In an exclusive interview with CNBC Africa at the Afreximbank Trade Finance Seminar in Windhoek, Namibia, Ogbalu shared insights into PAPSS's current expansion to 14 African countries and the onboarding of 140 commercial banks on the continent. Ogbalu emphasized the value addition in various markets where PAPSS operates, noting the participation of major banking brands like Ecobank, UBA, Access, GCB, and KCB. These banks have embraced digital channels, mobile banking, and internet banking, enhancing the efficiency of transactions. Despite ongoing efforts to increase transaction volume, PAPSS has demonstrated consistent growth, with new markets amplifying the impact across the board. Addressing concerns about data aggregation, Ogbalu reassured stakeholders about PAPSS's compliance with data protection laws. The platform encrypts all data in its possession during processing, transfer, and storage to ensure security. Additionally, the intelligence derived from aggregated data is poised to provide valuable insights to businesses, corporates, and governments across Africa. PAPSS aims to offer anonymized data reports to participants, enabling informed decision-making at various levels. As digital solutions continue to reshape financial landscapes, PAPSS focuses on collaborating with mobile network operators (MNOs) and payment service providers to foster innovation without displacing existing payment channels. By building a robust payment infrastructure, PAPSS facilitates seamless transactions and supports groundbreaking solutions in sectors like escrow services, remittances, and invoicing. Ogbalu highlighted partnerships with African stock exchanges under a linkage program, emphasizing PAPSS's role as the underlying payment infrastructure provider. The platform's engagement with Namibia reflects its commitment to expanding instant payment offerings. Ogbalu commended the progress in talks with Namibia, expressing optimism about onboard the country by the first quarter of the next year. Furthermore, PAPSS's approach to regional systems integration underscores a collaborative ethos that seeks to bolster the efficiency and accessibility of payment solutions across Africa. In the coming months, PAPSS plans to unveil innovative solutions in partnership with its collaborators, signaling a new era of financial empowerment and efficiency. By providing a unified payment infrastructure from Cape Town to Cairo and beyond, PAPSS is poised to drive innovation and financial inclusion across the African continent.