Paul Arithi 
KCB Group has signed up to the Pan-African Payment And Settlement System -(PAPSS), reinforcing its commitment to enhancing cross-border trade and financial integration across the continent.
As the first bank in East Africa to integrate PAPSS into its systems, KCB customers will now be able to enjoy faster settlement times, reduced costs associated with currency conversion, and increased access to new markets across Africa.
PAPSS is a centralized financial market infrastructure developed by the African Export-Import Bank (Afreximbank) to facilitate cross-border payments and trade transactions, reducing both costs and processing times.
Notably, the system’s net settlement mechanism will help alleviate pressure on the demand for foreign currencies, supporting a more efficient and sustainable regional trade framework.
“We want to play a bigger role in catalyzing trade and payments in Africa and beyond, leveraging our digital capabilities and regional footprint.
Our entry into PAPSS aligns perfectly with our strategy of supporting economic growth in Kenya and across Africa by facilitating seamless financial transactions.” Said KCB Group CEO, Paul Russo.
The platform puts KCB at the forefront of facilitating trade across Africa as it continues to play a pivotal role in driving Africa’s economic transformation and reinforcing its position as a leading financial institution in the continent.
