The Rokel Commercial Bank has become the first Commercial Bank in Sierra Leone and the Mano River Union to adopt and fully integrate the Pan African Payment and Settlement Systems (PAPPS). At a media launch held at the Conference Room of the its Eastern Police, Clock Tower Branch on Tuesday, 2nd December 2024, senior personnel of the bank including the Head Operations, Adikalie S Kamara and Business Center Manager, Umaru Shyllon took turns to underscore the importance as well as educate staff and media personnel present about the new international payment system.
PAPPS will create a seamless and highly effective international payment system that would among other things supports the African Continental Free Trade Area (AfCTA) and promotes digital banking across Africa. In order to enable instant payments across African borders in local currency, PAPSS supports three core processes: instant payment, pre-funding and net settlement.
With Instant payment, customers no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank – adding days to the transaction time. In addition, compliance, legal and sanctions checks are performed instantly within the system. Near-instant payments process within 120 seconds
Being the brainchild for the integration and adoption of PAPPS in Sierra Leone, the RCBank Managing Director, Dr Walton Ekundayo Gilpin was among several banking CEOS in Africa nominated to the PAPPS working Group at a forum held in South Africa in May this year. The Working Group was tasked to promote the adoption and usage of the game changing payment platform.
