In recent years, Africa has established itself as an economic hub, recording an average GDP growth of approximately 4.5% annually over the past decade.
With the continent witnessing a surge in consumer spending and the growth of thriving industries, there has been a heightened demand for efficient cross-border payment services that enable seamless trade across Africa.
Attributing to this demand, KCB has partnered with PAPSS (Pan-African Payment and Settlement System), cross-border payment service that allows users to transact fast and easy with other participating African countries in their local currencies.
Driving Economic Growth
KCB is proud to be the first East African bank to enhance financial inclusion and economic growth, positioning itself as an enabler for businesses and consumers to transact efficiently across African borders.
African consumers and businesses are increasingly conducting cross-border transactions, spurred by a growing demand for regional goods and services and the need to venture into new markets.
KCB, through PAPSS, is transforming cross-border transactions by enabling real-time cross border money transfers. With PAPSS, you send money in your local currency, and the recipient receives it in theirs—instantly and cost-effectively. This innovation enhances consumer purchasing power and empowers businesses to navigate pan-African trade efficiently, making it easier to send and receive payments seamlessly across the region.
Championing Financial Inclusion & Innovation
At the core of KCB’s vision is a commitment to empowering people by advancing financial inclusion and accelerating technological innovation across Africa.
By leveraging a swift and cost-effective payment option, PAPSS in partnership with KCB aims to deliver a robust platform that serves all sectors of the economy, from global enterprises and SMEs to consumers, by expanding their market reach and unlocking access to a diverse range of goods and services across Africa.
The first of its kind in East Africa’s banking sector, KCB, in partnership with PAPSS, is enabling innovative solutions that decentralize payment services. This breakthrough sets a new benchmark for financial connectivity in the region while paving the way for continued advancements in the payments industry.
Empowering intra-Africa trade
Business and trade within Africa have immense potential to drive pan-African economic growth. However, the lack of efficient payment systems has posed challenges such as high transaction fees, lengthy processing times, and erratic currency conversion processes.
By minimizing payment delays and reducing transaction costs, PAPSS facilitates easy payment of goods and services, removing traditional trade barriers and expediting the flow of goods and services within Africa.
This empowers businesses and consumers to engage confidently in cross-border transactions, advancing our commercial ties and championing intra-African trade across the region.
As Africa moves towards a more connected and economically empowered future, seamless and cost-effective payments will be at the heart of this transformation. KCB, through PAPSS, is not just enabling transactions, it’s powering possibilities, breaking barriers, and unlocking new opportunities for businesses and consumers across the continent.
Access PAPSS today via the KCB Mobile Banking App or visit any KCB branch to transact.
@Njuguna Chianda- Its not powered, it’s a partnership. Kindly amend
