KCB Signs Up for Pan-African Payment and Settlement System (PAPSS) to Boost Cross-Border Transactions

KCB Group has officially signed up for the Pan-African Payment and Settlement System (PAPSS), reinforcing its commitment to improving cross-border trade and financial integration across Africa.

As the first bank in East Africa to integrate PAPSS, KCB customers will benefit from faster settlement times, lower currency conversion costs, and expanded market access.

Developed by the African Export-Import Bank (Afreximbank), PAPSS serves as a centralized financial market infrastructure designed to facilitate seamless cross-border payments and trade transactions.

It’s net settlement mechanism helps alleviate demand for foreign currencies, fostering a more efficient and sustainable trade framework across the continent.

KCB Group CEO, Paul Russo, emphasized the bank’s strategic vision.

“Our integration with PAPSS aligns with our goal of driving economic growth in Kenya and Africa by simplifying financial transactions. We aim to catalyze trade and payments through our digital capabilities and strong regional presence.”He emphasized

With operations in seven East African countries, KCB brings over a century of payments and collections expertise, offering customers significant advantages when conducting intra-African trade payments.

PAPSS CEO, Mike Ogbalu, welcomed KCB’s participation stating that KCB’s onboarding into PAPSS as the first bank in East Africa is a milestone in enhancing financial connectivity and supporting the AfCFTA.

“This integration will transform cross-border transactions, unlocking new trade opportunities across Africa.”PAPSS CEO, Mike Ogbalu

Michael Eganza, CBK Director of Banking & Payment Services, noted that the Central Bank of Kenya supports initiatives that strengthen the payments ecosystem, fostering innovation and financial inclusion.

As PAPSS expands, now including 15 Central Banks, 150+ commercial banks, and 14 payment switches across Africa, its adoption is accelerating.

More financial institutions are integrating PAPSS into their digital platforms, driving economic integration under the African Continental Free Trade Area (AfCFTA).

With PAPSS leading the way, KCB is positioned at the forefront of facilitating intra-African trade, empowering businesses with seamless, cost-effective cross-border transactions.