The Pan-African Payment and Settlement System (PAPSS) has lauded GCB Bank PLC for its leadership in advancing cross-border financial transactions across Africa, recognizing the institution as one of its most strategic partner banks on the continent.
The high praise was delivered during a working visit by a senior PAPSS delegation to GCB Bank’s Head Office in Accra, where leadership from both organizations met to reaffirm their commitment to accelerating intra-African trade and deepening regional financial integration.
The PAPSS delegation was led by Chief Executive Officer Mike Ogbalu III, alongside Chief Information Officer and Head of Operations Ositadinma Ugwu.
A Continental First
During the meeting, the PAPSS executive team commended GCB Bank for its early support and instrumental role in building out the continental payment framework since its inception.
Notably, PAPSS highlighted that GCB Bank became the first commercial bank in Africa to successfully process a live cross-border payment using the PAPSS infrastructure—a landmark achievement that helped validate the platform's ability to transform African trade.
The delegation also noted that GCB Bank's competitive, customer-centric pricing strategy has significantly spurred user adoption, boosting transaction volumes for businesses looking to trade across borders efficiently.
Boosting Trade Under the AfCFTA
A central focus of the discussions was expanding the reach of the PAPSS platform to make cross-border transactions faster, cheaper, and more accessible for local businesses tapping into opportunities under the African Continental Free Trade Area (AfCFTA).
The meeting further highlighted GCB Bank's critical role as the designated gateway bank in Ghana under the PAPSS Local Currency Settlement System. This framework allows African traders to send and receive payments in their respective domestic currencies, significantly reducing reliance on hard foreign currencies like the US Dollar and Euros while improving trade settlement speeds.
"GCB Bank remains deeply committed to championing initiatives that facilitate seamless cross-border trade and financial integration across the continent. We will continue to collaborate closely with PAPSS to deploy innovative payment solutions that enhance customer experience, strengthen regional trade, and empower African businesses."
— Farihan Alhassan, Managing Director of GCB Bank
Looking Ahead
Beyond current payment operations, both institutions explored new strategic avenues for collaboration, including:
Digital Payment Expansion: Scaling user-friendly digital tools to simplify cross-border retail and corporate payments.
Trade Finance Integration: Developing targeted trade financing options to support micro, small, and medium enterprises (MSMEs).
Financial Market Synchronization: Working alongside regional regulators to streamline continental payment standards.
The visit concluded with both parties renewing their shared pledge to build a more connected, efficient, and self-reliant financial ecosystem for the African continent.
