The Bank of Kigali and the KCB Group have recently joined forces to integrate the Panafrican Payment and Settlement System (PAPSS), developed by the African Export-Import Bank (Afreximbank) in collaboration with major continental institutions. This innovative partnership aims to enhance the efficiency of cross-border transactions, making payments faster and more cost-effective across Africa. This alliance marks a significant advancement toward financial integration and economic prosperity for the African continent.
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The collaboration between the Bank of Kigali and the KCB Group
The Bank of Kigali and the KCB Group have taken a new strategic step by integrating the Panafrican Payment and Settlement System (PAPSS). This alliance, formalized on February 27, 2025, marks the beginning of a new era for financial transactions in Africa. Through this initiative, the two banks aim to make cross-border payments more accessible, faster, and affordable, thus strengthening their role on the continent’s financial landscape.
Benefits of the Panafrican Payment and Settlement System (PAPSS)
The PAPSS offers numerous advantages, including increased efficiency of cross-border transactions. By eliminating the need for African banks to go through third-party providers, associated costs decrease significantly. This simplification of the process translates into time and money savings for consumers and businesses, thereby stimulating economic prosperity across Africa.
The future vision with PAPSS
By choosing to integrate the PAPSS, the Bank of Kigali and the KCB Group are not only improving their services but also aspire to transform the African financial landscape. This ambition is supported by the desire to strengthen economic integration and create a conducive environment for technological innovation. With this crucial step, Africa is heading towards a future where digital finance plays a central role, thus fostering more harmonious and efficient economic relationships.
