ABC Bank customers can now send and receive payments instantly, securely and affordably through the Pan-African Payment and Settlement System (PAPSS), from their ABC Bank account to another bank account at a participating bank in any of the 28 participating African countries.
PAPSS is a cross-border payment platform developed by Afreximbank in collaboration with the African Continental Free Trade Area (AfCFTA) that enables instant, affordable and secure money transfers across 28 African countries, with more countries and financial institutions continuing to join the network. The service connects more than 190 commercial banks and fintechs, allowing ABC Bank customers to send and receive money instantly, securely and affordably from one bank account to another across the participating institutions.
The service is now available at all ABC Bank branches and will soon be accessible through the Bank’s ABConnect Internet Banking and Mobile Banking app. Customers can send payments in Kenyan Shillings, while recipients can choose to receive the funds in their local currency or in USD through the USD-to-USD option.
Whether sending money to loved ones or making business payments across Africa, PAPSS enables customers to transfer funds across participating African countries with no limit on the amount they can send. However, outgoing transfers above 3,500 USD per transaction and incoming transfers above 8,000 USD per transaction require supporting documents and approval.
To use the service, please visit your nearest ABC Bank branch with your national ID or Passport, and our team will guide you through the process and assist you to complete your payment instantly, securely and affordably.
To learn more about PAPSS, including participating countries, transaction limits, charges and the information required to make a payment, CLICK HERE to read our PAPSS Frequently Asked Questions (FAQs). T&Cs apply.
For further assistance or to learn more about PAPSS, call 0701 700 700, email talk2us@abcthebank.com, or visit your nearest ABC Bank branch.
