If you’ve been looking for an easier, faster, and more affordable way to make cross-border payments in Africa, KCB has got you covered. As the first bank in Kenya and East Africa to integrate with the Pan-African Payment and Settlement System (PAPSS), KCB now allows you to send and receive money across African countries in local currencies, without needing foreign exchange.
In this guide, we’ll explain how you can use PAPSS with KCB to manage cross-border payments easily and securely, whether you’re in a branch or using the KCB Mobile Banking App.
What is PAPSS?
PAPSS (Pan-African Payment and Settlement System) is a centralized payment platform developed by the African Export-Import Bank (Afreximbank). The system is designed to streamline intra-African trade by enabling real-time cross-border payments in local currencies.
By eliminating the reliance on foreign currencies like the USD or EUR, PAPSS aims to reduce the cost of transactions, enhance financial integration across the continent, and promote regional economic growth.
How to Use PAPSS with KCB
KCB offers two easy methods for accessing and using PAPSS for cross-border transactions:
1. Using KCB Branches
To use PAPSS at any KCB branch, follow these steps:
- Visit any KCB branch in Kenya.
- Fill out the transaction form with the required details, including the recipient’s information and the amount you wish to send.
- Provide your ID and any required supporting documents depending on the transaction amount.
- The bank will process the payment through PAPSS and confirm the transaction.
2. Using KCB Mobile Banking App
For a quicker and more convenient way to use PAPSS, follow these steps on the KCB Mobile Banking App:
- Log in to your KCB Mobile Banking App.
- Navigate to the ‘Global Transfers’ section within the app.
- Select the PAPSS option.
- Enter the recipient’s details, transaction amount, and confirm.
- Follow the on-screen prompts to complete the transaction. Once the payment is processed, the recipient will receive the funds in real-time.
Benefits of Using PAPSS with KCB
There are several key benefits of using PAPSS with KCB for cross-border payments:
- Faster Transactions: PAPSS processes transactions in real-time, meaning your payments are completed almost instantly, eliminating the delays often associated with traditional international payments.
- Local Currency Payments: You can send and receive payments in local currencies, removing the need for currency conversions (USD, EUR), which saves you from extra fees and unfavorable exchange rates.
- Cost-Effective: By using PAPSS, you’ll enjoy low-cost transfers compared to traditional cross-border services, thanks to the use of local currencies and competitive exchange rates.
- Security: PAPSS ensures secure transactions, providing you with peace of mind when sending or receiving funds across borders.
- No Extra Sign-Up Needed: As a KCB customer, you can start using PAPSS right away, without needing to register separately.
KCB’s Role in Enhancing Cross-Border Trade in Africa
By integrating with PAPSS, KCB is helping to strengthen regional economic integration and cross-border trade in Africa. The move supports the bank’s broader goal of enhancing financial inclusion and making it easier for businesses and individuals to conduct seamless cross-border transactions.
This integration is a significant step forward in Africa’s financial ecosystem, enabling more effective trade within the continent and contributing to the African Continental Free Trade Area (AfCFTA) goals.
Conclusion
With KCB’s integration with PAPSS, sending money across Africa has never been easier, faster, or more affordable. Whether you’re making a payment to a business partner or sending money to family across borders, PAPSS ensures your transactions are processed in local currencies without the hassle of foreign exchange.
Use the KCB branches or the KCB Mobile Banking App to access PAPSS and experience real-time payments that support Africa’s financial integration.
Remember, PAPSS with KCB allows for easy, secure, and cost-effective transactions, and with no extra sign-up required, you can start using it right away.
