RC Bank Selected to Spearhead Adoption of Pan African Payment Systems
A delegation from Rokel Commercial Bank (RC Bank), led by Chairman of the Board of Directors, Buffy Bailor, and Managing Director, Dr. Walton Gilpin, alongside key IT personnel, has convened in Cape Town, South Africa. The purpose? To participate in a pivotal meeting focused on driving the adoption and utilization of the innovative Pan African Payment System (PAPPS) among banks across the continent.
Developed under the auspices of the African Export-Import Bank (Afreximbank), PAPPS heralds a new era of seamless and highly efficient international payments. It stands poised to bolster the African Continental Free Trade Area (AfCFTA), a landmark agreement signed in 2018 by 43 African nations, including Sierra Leone.
The system further aims to operationalize a resolution made by African heads of state in 2019, designating PAPPS as the primary infrastructure for financial transactions and settlements within African markets.
Recognizing the pivotal role of local banks in the success of PAPPS, collaborative efforts with institutions like RC Bank are deemed essential. At the meeting, representatives from partnering banks, including Rokel Commercial Bank, shared their insights and experiences with PAPPS.
Following intense deliberations, RC Bank emerged as one of the nominated financial institutions to join the Working Group of the PAPPS network/club. This nomination positions RC Bank at the forefront of efforts to drive the adoption and utilization of this groundbreaking payment platform.
RC Bank – The Bank of Choice!!
