By Francis Ntow, GNA
Accra, Sept 24, GNA – Stanbic Bank Ghana says it is simplifying cross-border payments to boost trade under the Africa Continental Free Trade Area (AfCFTA), ensuring seamless and swift payment without converting one currency to the other.
The Bank said it was utilising the Pan-African Payment and Settlement System (PAPSS), to support its customers to trade and instantly settle payments under the intra-African trade using local currencies.
Beyond that, the bank, through its mother company, Standard Bank, and in partnership with the Industrial and Commercial Bank of China (ICBC), was providing Direct Payment to China, while helping to avoid value loss through European intermediary banks.
Mr Musah Abdallah, the Head of Corporate and Investment Banking at Stanbic Bank Ghana, explained that simplifying payments was not just a banking service, but a necessary enabler for the AfCFTA vision of an integrated and self-sufficient African economy.
He said the bank was removing bottlenecks in traders’ payment journey to make transactions simpler, more transparent and cost-effective, ensuring Ghanaian businesses could trade across Africa with greater speed and confidence.
“What we are saying is, tell us where the money is going, how you want it to go, and how quickly you want it to get there, and we will determine the most efficient, cost-effective and fastest channel to move the funds,” Mr Abdallah stated.
He spoke with the Ghana News Agency on the sidelines of the third Graphic Business/Stanbic Bank, on the theme: “Moving money, Moving trade, Moving Ghana – making it easier to buy, sell, and pay across borders.”
The approach, he said, was important for Ghanaian businesses to take full advantage of the AfCFTA single market of 1.4 billion people, contributing to the success of the continental trade, while preserving value for traders and making businesses more competitive.
He noted that currently, many small and medium enterprises (SMEs) were discouraged from trading across borders due to high transaction costs, delays, and lack of clarity on how long payments would take to settle.
However, Mr Abdallah said Stanbic was leveraging platforms like the PAPSS, developed by Afreximbank, which allowed for instant payments in local currencies and reduced the reliance on the US dollar, to address those challenges.
“Our commitment is to partner with our clients, understand their needs and co-create solutions that address their pain points. We want to work with businesses in the forward march towards a point where Ghana’s exports are more than our imports,” he said.
Speaking at the forum, Mr Kwamina Asomaning, the Chief Executive Officer (CEO), Stanbic Bank Ghana, said it was important for banks in Ghana and across Africa to ensure more efficient cross-border payment systems for businesses.
“Better movement of money means more productive trade, stronger Ghanaian businesses and greater value retained in our economy,” he said, adding that doing so would help businesses to reduce transactions costs, manage financial risks and compete effectively in regional and global markets.
He said when payment were slow, expensive or unpredictable, the cost affected not only banks but businesses and traders alike, working capital of SMEs and the pockets of consumers, noting that their ultimate goal was to ensure that, “when a business crosses a border, its bank should not become another border.
GNA
Edited by Agnes Boye-Doe
Reporter: Francis NtowÂ
[email protected]Â Â