Lagos, Nigeria — Union Bank of Nigeria has joined forces with the Pan-African Payment and Settlement System (PAPSS) to provide seamless and stress-free cross-border payment solutions for its customers.
This strategic partnership supports the implementation of the African Continental Free Trade Agreement (AfCFTA) by simplifying how financial transactions are carried out across African countries.
With the PAPSS network now integrated into Union Bank’s operations, customers can send money instantly to several African nations, including Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, Zimbabwe, Djibouti, and more in the near future.
Benefits of the PAPSS Platform
Customers stand to enjoy several advantages such as:
Instant transfers
Lower foreign transaction costs
No need to source foreign exchange (FX)
Enhanced security
Improved intra-African trade opportunities
Union Bank Speaks on the Partnership
Peter Amadi, Head of Transaction Banking at Union Bank, said the move reflects the bank’s commitment to innovation and smarter banking.
“At Union Bank, we’re focused on delivering simpler and smarter solutions that meet the evolving needs of our customers. This partnership enhances our capabilities and reinforces our dedication to customer success in today’s dynamic financial environment,” Amadi stated.
PAPSS CEO Applauds Union Bank
Reacting to the development, PAPSS CEO Mike Ogbalu III commended Union Bank’s decision to join the network.
“It’s a proud moment to have Union Bank, a bank with over a century of legacy, on board. This move proves that PAPSS is paving the way for a more integrated African payment ecosystem,” Ogbalu said.
A New Chapter for African Banking
The collaboration between Union Bank and PAPSS marks a significant leap forward in digital banking on the continent. As Union Bank continues to expand its service offerings, customers can expect faster, more efficient, and cost-effective cross-border transactions that support Africa’s broader economic goals.
