Sterling Bank Introduces PAPSS Services for Enhanced Cross-Border Commerce
Sterling Bank, a leading financial institution in Nigeria, has announced the integration of the Pan-African Payment & Settlement System (PAPSS) services into its operations. This move is set to revolutionise cross-border mobile payments within Africa.
With this integration, Sterling Bank customers can now utilise the PAPSS platform for their transactions, enabling faster, cost-effective, and accessible cross-border payments via mobile money and fintech wallets. The service is designed to improve convenience and foster trade growth within the region.
The benefits of using PAPSS services at Sterling Bank are manifold. Cross-border transactions are simplified, reducing liquidity burdens and delivering better foreign exchange rates. This enhancement in financial services aims to promote access to financial services for Small and Medium Enterprises (SMEs) and individuals.
The PAPSS infrastructure supports regulatory coverage and seamless settlement across African countries, making financial services more accessible and borders less of a hindrance for economic activity. This integration is aimed at providing a seamless and secure way for customers to send and receive money.
Sterling Bank's customers can now transact in Naira with a variety of African countries, including Ghana, Gambia, Guinea, Liberia, Sierra Leone, Kenya, Rwanda, Zambia, Zimbabwe, Malawi, and Djibouti. The collaboration between Sterling Bank and PAPSS enables seamless and secure mobile payments across Africa.
The development of PAPSS services at Sterling Bank also aims to streamline financial transactions, reducing transfer costs and enhancing the banking experience for customers. The service is provided through the Pan-African Payment & Settlement System (PAPSS), a solution for secure and efficient cross-border payments in Africa.
Moreover, the integration of PAPSS services at Sterling Bank supports the growth of the digital economy across the continent. By providing a secure and seamless mobile payments system, Sterling Bank is contributing to the African Continental Free Trade Agreement (AfCFTA) goals, increasing economic integration and supporting the continent's financial sector.
In summary, Sterling Bank's use of PAPSS enhances cross-border mobile payments by streamlining payments and settlements across Africa, reducing transaction costs and liquidity challenges, providing improved foreign exchange performance, promoting access to financial services for SMEs and individuals, supporting continental financial integration and economic activity, and ensuring enhanced security for cross-border payments. The service is now available across all Sterling Bank branches in Nigeria.
- The integration of PAPSS services at Sterling Bank empowers users with a secure platform for making cross-border payments via mobile apps, streamlining financial transactions and ensuring better security in the technology-driven finance industry.
- With the implementation of PAPSS, Sterling Bank customers can access a wide range of secure finance apps, enabling them to transact in Naira with various African countries, fostering economic growth and promoting the use of fintech wallets in the industry.
- Collaborating with PAPSS, Sterling Bank advances in the digital economy, offering customers a seamless, cost-effective, and secure means of sending or receiving funds across Africa's borders, ultimately enhancing convenience, security, and trade growth within the continent.
