This integration allows customers to make cross-border payments directly via digital platforms such as WhatsApp and Facebook Messenger, ushering in a new era of 24/7 real-time financial transactions across the continent.
PAPSS, developed by the African Export-Import Bank (Afreximbank), aims to simplify and expedite payments between African countries using local currencies. Its connection with Leo highlights the commitment to providing more inclusive and accessible financial services, particularly in support of the African Continental Free Trade Area (AfCFTA).
During a joint press briefing on Wednesday, PAPSS CEO Mike Ogbalu praised the partnership with UBA, calling it a step toward uniting African businesses and individuals through digital innovation.
Ogbalu explained that this collaboration transforms PAPSS from a traditional, counter-based model to a fully digital solution that operates beyond standard banking hours. “This is about financial unity across Africa,” he stated. “With PAPSS now live on Leo, users can make secure cross-border payments anytime, day or night, directly from the chat platforms they already use.”
He commended UBA for being one of the earliest supporters of PAPSS, having signed a Memorandum of Understanding (MoU) in 2022 and actively promoting its rollout across its African network. Ogbalu also reassured users that transactions on the platform are safe and efficient. “Transactions on PAPSS are 99.9% secure and efficient. It’s built to meet world-class standards and can compete with any payment platform globally.”
UBA’s Group Managing Director, Oliver Alawuba, emphasised that integrating PAPSS with Leo enhances convenience for the bank’s customers by combining the power of AI with the speed of regional payment infrastructure. “Whether on WhatsApp, Facebook Messenger, or other Leo-enabled platforms, our customers can now carry out PAPSS transactions securely and seamlessly,” he said.
Alawuba described the PAPSS initiative as a major step not only in simplifying financial transactions for customers but also in reversing centuries of Africa’s dependence on Western trading terms. He added that this development is expected to enhance financial inclusion and promote efficiency in Africa’s payment ecosystem.
“UBA is a bank passionate about uniting Africans. Centuries ago, Africans traded among themselves on their terms. However, in the 15th century, external forces disrupted this trade. PAPSS aims to revive and facilitate trade among African nations. It will streamline the process so that a seller in Mokola, Ghana, can pay for goods in cedis, while a shoemaker in Ariria market in Aba, Nigeria, receives the payment in Naira,” Alawuba explained.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
