At South Africa Summit… RCBank Charged To Operationalize Pan African Payment System
By Aruna Dumbuya
At Cape Town South Africa, A delegation from the Rokel Commercial Bank, including the Board of Directors Chairman, Buffy Bailor, Managing Director, Dr. Walton Gilpin, and top IT staff are in Cape Town, South Africa attending a high-level meeting on the adoption and use of the innovative Pan African Payment System (PAPPS) by banks around the continent.
Pioneered by the Afreximbank, the PAPPS will create a flawless and highly effective international payment system that will invariably support the African Continental Free Trade Area (AcFTA) established in 2018 and signed by 43 African countries, including Sierra Leone. The new cross-border payment also seeks to operationalize a 2019 resolution by African heads of state that the PAPPS should become the main infrastructure for payments and settlements within the African financial markets.
Therefore, working with local banks like the RCBank to popularize and promote the adoption and utilization of the payment system tool has been deemed to be a critical component of its growth and success. A high point of the event was when heads from some of the partnering banks, including the Rokel Commercial Bank, shared their experiences on the use of the PAPPS.
At the end of a highly interactive event, RCBank was among the financial institutions nominated as member of the Working Group of the PAPPS network/club to promote the adoption and usage of the payment platform.
