Sebabi: PAPSS ready to onboard fintechs

In a bid to enhance intra-African trade through efficient and secure payment systems, the Pan-African Payment and Settlement System (PAPSS) is making significant strides in onboarding financial technology companies and mobile network operators. The Deputy CEO of PAPSS, John Bosco Sebabi, revealed during a conversation with CNBC Africa's Akin Obakeye at the Africa Prosperity Dialogue in Accra, Ghana, that the system now includes 15 central banks across West, East, and Southern Africa. This development marks a crucial step towards seamless transactions across the African continent. PAPSS was established by the African Export-Import Bank in collaboration with the SFTA Secretariat to support the implementation of the SFTA mission. Sebabi explained that the primary goal of PAPSS is to make cross-border payments more efficient by ensuring immediate debit and credit transactions. The system prioritizes speed, security, and compliance with international best practices. The momentum behind PAPSS is evident as it expands its reach beyond the initial six West African Monterrey zone countries to include other central banks like Djibouti, Zimbabwe, Zambia, Kenya, Rwanda, and Egypt. With 150 commercial banks on board and 95 of them technically connected, PAPSS is swiftly gaining support in the financial sector. Sebabi emphasized the importance of achieving interoperability in both gross and retail payment systems to streamline payment processes. One of the key strategies employed by PAPSS is collaboration with fintech companies and mobile network operators. Sebabi highlighted ongoing discussions with major players in the industry to facilitate integration and ensure seamless payment services from end to end. By engaging with regional payment systems and forming agreements with relevant entities, PAPSS aims to harmonize payment solutions across Africa. When it comes to partnering with fintech companies, PAPSS maintains stringent criteria to ensure compliance with licensing regulations in their respective countries. Collaboration with central banks and the SFTA Secretariat plays a vital role in mobilizing stakeholders such as traders and chambers of commerce to endorse PAPSS and drive adoption. The synergy between trade and payments underscores the interconnected nature of economic transactions, reinforcing the importance of aligning technology with modern trade practices. As PAPSS continues to pave the way for enhanced payment systems in Africa, the commitment to innovation and collaboration remains at the core of its operations. By leveraging partnerships with fintech companies and mobile operators, PAPSS seeks to revolutionize intra-African trade by fostering a seamless and secure payment ecosystem across the continent.