KCB Group has joined the Pan-African Payment and Settlement System (PAPSS) to enhance cross-border trade and financial integration across the continent.
As the first bank in East Africa to integrate PAPSS, KCB customers will benefit from faster settlements, lower currency conversion costs, and expanded market access across Africa.
PAPSS, developed by Afreximbank, streamlines cross-border payments by reducing costs and processing times while easing foreign currency demand. KCB customers will benefit from faster settlements, lower conversion costs, and expanded market access.
Notably, the system’s net settlement mechanism will help alleviate pressure on the demand for foreign currencies, supporting a more efficient and sustainable regional trade framework.
KCB Group CEO Paul Russo highlighted the move as a step toward driving regional trade and financial transactions. “We want to play a bigger role in catalyzing trade and payments in Africa and beyond, leveraging our digital capabilities and regional footprint. Our entry into PAPSS aligns perfectly with our strategy of supporting economic growth in Kenya and across Africa by facilitating seamless financial transactions.” he said.
With a presence in 7 East African countries, KCB brings on board its payments and collections expertise spanning over a century. This means that its customers will now have access to vast economic opportunities that will deliver multiple advantages and efficiencies, especially when conducting intra-African trade payments.
PAPSS CEO Mike Ogbalu praised KCB’s onboarding, emphasizing its role in strengthening financial connectivity under AfCFTA “KCB’s successful onboarding into PAPSS as the first bank in East Africa is a remarkable achievement that showcases their commitment to enhancing financial connectivity and supporting the implementation of the AfCFTA”.
PAPSS is expanding, now including 15 Central Banks, over 150 commercial banks, and 14 switches across Eastern, Western, Northern, and Southern Africa.
Its adoption has surged as financial institutions integrate PAPSS into their digital platforms, promoting greater access to services and economic integration. The network expects to add more Central Banks soon, broadening citizen benefits from the African Continental Free Trade Area (AfCFTA).
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