By Ayomide Otitoju
Union Bank of Nigeria has announced a strategic partnership with the Pan-African Payment and Settlement System (PAPSS) to provide simplified and instant cross-border money transfers across select African countries. The collaboration aims to enhance financial connectivity in support of the African Continental Free Trade Agreement (AfCFTA).
PAPSS is a financial market infrastructure designed to facilitate seamless intra-African trade by enabling real-time payments between African countries, eliminating the need for third-party currencies and reducing foreign exchange costs.
Through this partnership, Union Bank customers can now send and receive funds instantly to countries including Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, Zimbabwe, Djibouti, and Nigeria, with more nations expected to be added.
The service offers numerous benefits such as real-time transfers, lower transaction costs, no need to source foreign exchange, increased security, and improved access to regional trade opportunities.
Speaking on the development, Peter Amadi, Head of Transaction Banking at Union Bank, said:
“At Union Bank of Nigeria, we are committed to driving innovation and delivering simpler, smarter banking solutions tailored to our customers’ needs. This partnership aligns with our vision of fostering financial inclusion, enabling seamless cross-border transactions, and creating lasting value for our customers.”
CEO of PAPSS, Mike Ogbalu III, also expressed optimism about the partnership, stating:
“It is exciting to see Union Bank of Nigeria—an institution with over 100 years of banking history—join the PAPSS network. This underscores PAPSS’s role as a transformative platform for facilitating intra-African trade, with support from regional economic blocs and private sector stakeholders.”
Union Bank’s alliance with PAPSS marks a key milestone in its journey towards offering more dynamic and customer-centric banking services. It is expected to significantly improve the efficiency of cross-border financial services and promote greater economic integration across Africa.
The partnership reflects Union Bank’s continued focus on innovation, as it positions itself to meet the growing demand for faster, more reliable, and cost-effective payment solutions across the continent.
