Polaris Bank has announced its integration with the Pan-African Payment and Settlement System (PAPSS), a move set to revolutionize its customers’ ability to conduct trade and payments across Africa. This digital payment gateway is designed to facilitate efficient, streamlined, and secure payment processes for those engaged in intra-African trade.
Ayo Adesanya, Polaris Bank’s Group Head of Global Trade Business, emphasized the significance of PAPSS. He stated that the launch of this system aligns with the bank’s commitment to leveraging innovative solutions for simplifying customer processes.
PAPSS is packed with distinctive features that offer immense benefits for both existing and potential customers of Polaris Bank. One of its key attributes is seamless transaction management, enabling merchants and traders to initiate and monitor cross-border payments via a single, user-friendly platform.
Adesanya further explained, “The payment gateway offers a centralized hub for managing transactions, reducing the complexity of dealing with multiple currency exchange systems. This feature minimizes currency exchange risks and associated costs, directly benefiting our customers’ financial performance.”
Moreover, PAPSS enhances compliance and security. It incorporates robust security measures to protect sensitive financial data, ensuring transactions are conducted securely and in line with international regulations.
“By adopting PAPSS, developed by AfreximBank, Polaris Bank is poised to simplify international trade payments, mitigating risks and boosting efficiency,” Adesanya added.
Polaris Bank’s commitment to digital innovation has been recognized in the past. The bank was named Digital Bank of the Year in 2021, 2022, and 2023 by Business Day’s Banks and Other Financial Institutions (BAFI) Awards. It also earned the title of Best MSME Bank of the Year in 2022 and 2023, reflecting its effective use of technology in supporting the MSME sector.
With the integration of PAPSS, Polaris Bank is positioned to empower businesses to explore new opportunities in the continental and regional marketplace, further solidifying its role as a leader in digital banking solutions.
