Transferring money across African borders used to be a complicated and costly process. High fees, currency conversion issues and long processing times often made it frustrating for individuals and businesses. But now, the Pan-African Payment and Settlement System (PAPSS) is changing the game making cross-border payments seamless, instant, and cost-effective. Here’s everything you need to know about this groundbreaking financial infrastructure and how you can use it to transfer money to any African country.
PAPSS, short for the Pan-African Payment and Settlement System is a revolutionary financial market infrastructure designed specifically for Africa. Its mission is to enable secure, instant, and hassle-free payments across the continent.
Through leading-edge technology, PAPSS connects African banks, payment service providers, and other financial institutions. Whether you’re a business owner importing goods, a family member sending remittances or an individual paying for services, PAPSS ensures that your money reaches its destination in local currency—fast.
How to Use PAPSS for Money Transfers
Using PAPSS is straightforward and user-friendly. Here’s a step-by-step guide:
1. Check for PAPSS-Connected Institutions
Ensure your bank or payment provider is connected to the PAPSS network. Many financial institutions across Africa are already on board, with more joining every day.
2. Initiate Your Transfer
Visit your bank or payment service provider’s platform, choose the option for cross-border payments, and fill in the recipient’s details.
3. Pay in Your Local Currency
Enter the amount you wish to send in your local currency. PAPSS will handle the currency conversion and ensure the beneficiary receives the equivalent in their currency.
4. Instant Delivery
Confirm the transaction and let PAPSS work its magic. The recipient will receive the funds almost immediately.
Why chose PAPSS?
1. Instant Payments Across Borders
With PAPSS, you no longer have to deal with delays or uncertainties. Payments made by the sender (originator) are processed instantly or near-instantly, and the recipient (beneficiary) receives the funds in their local currency, no matter where they are in Africa.
2. Local Currency Transfers
PAPSS eliminates the need for intermediary currencies like the US dollar or the euro. You can send money from Ghana in cedis, and the recipient in Kenya gets it in shillings—automatically and at a lower cost.
3. Simplified Transactions
Say goodbye to the complexities of dealing with multiple banking systems and international payment processes. PAPSS simplifies everything into a unified system, reducing costs and increasing efficiency.
4. The Benefits of Using PAPSS
PAPSS is more than just a payment system; it’s a game-changer for the African economy. Here’s how it benefits you:
5. Cost-Effective Transfers
Traditional cross-border payments often come with hefty fees. PAPSS streamlines the process, cutting down on transaction costs and saving you money.
6. Time-Saving Convenience
No more waiting days or weeks for your payment to clear. PAPSS ensures your transactions are processed instantly, giving you peace of mind.
7. Economic Opportunities
By breaking down financial barriers, PAPSS opens up new opportunities for businesses and individuals. It fosters trade, supports small enterprises, and encourages financial inclusion across Africa.
8. Unified African Market
PAPSS promotes a common market for African countries, strengthening economic integration and cooperation under frameworks like the African Continental Free Trade Area (AfCFTA).
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