Emmanuel OchayiPolaris Bank, one of Nigeria’s digital retail banks, has joined the Pan-African Payment and Settlement System (PAPPS), marking a step towards simplifying cross-border financial transactions across Africa.
The PAPPS platform, tailored for international trade within the African continent, promises efficient, secure, and streamlined payment processes.
Ayo Adesanya, Polaris Bank’s Group Head of Global Trade Business, highlighted the bank’s commitment to innovation in simplifying customer processes through this digital payment gateway.
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“In enrolling with PAPPS, we aim to simplify transactions for our customers. This move underscores our commitment to leveraging innovative solutions,” Adesanya stated.
The platform introduces several key features, including a centralized hub for transaction management and a single, user-friendly interface for cross-border payments. Adesanya emphasized its significance in reducing currency exchange risks and costs, ultimately benefiting the bank’s customers.
“Our customers will experience a centralized hub for managing transactions and currency exchange systems, reducing risks and associated costs,” she added.
Furthermore, the PAPPS platform prioritizes compliance and security, integrating robust measures to protect sensitive financial data and ensure transactions comply with international regulations.
Adesanya highlighted the significance of Polaris Bank joining PAPPS, developed by AfreximBank, in easing international trade. “It simplifies payment processes, reduces risks, and enhances efficiency, empowering businesses to explore new opportunities in the continent’s marketplace,” she remarked.
Recognized for its digital initiatives, Polaris Bank received the Digital Bank of the Year award consecutively in 2021, 2022, and 2023, and was also acclaimed as the Best MSME Bank of the Year in 2022 and 2023, underscoring its commitment to technological innovation in supporting small and medium-sized enterprises.
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