KCB Group late last month announced it had integrated the Pan African Payment and Settlement System (PAPSS) in a bid to enable instant payments across African borders.
In his speech during the launch, KCB Group CEO Paul Russo touted the deal with PAPSS saying it will be an enabler for instant cross-border trade and payments across Africa.
The system adopted by KCB branches in more than seven countries will allow payments by originators and beneficiaries in their local currencies in any country across the continent.
PAPSS has already roped in 15 Central Banks, more than 150 commercial banks, and 14 switches in Africa with many more showing interest towards realizing economic integration.
In an exclusive interview with Swala Nyeti CEO Mac Otani, KCB Group Director for Digital Financial Services Angela Mwirigi said the system will simplify cross-border hurdles and costs and make operations more efficient to provide vast economic opportunities for all.
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Watch the full interview:
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