The KCB Group has reaffirmed its commitment to advancing financial integration and cross-border trade throughout the continent by joining the Pan-African Payment & Settlement System (PAPSS).
This new development was announced by the bank on Thursday.
Benefits for KCB Bank customers
Being the first bank in East Africa to incorporate PAPSS into its systems, KCB customers will now benefit from quicker settlement times, lower currency conversion fees, and easier access to new African markets.
The African Export-Import Bank, also known as Afreximbank, created PAPSS, a centralised financial market infrastructure, to promote international trade and payments while cutting expenses and processing times.
The net settlement mechanism of the system will significantly contribute to a more effective and sustainable regional trade framework by reducing the strain on the demand for foreign currency.
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KCB’s commitment to provide seamless financial transactions
“We want to play a bigger role in catalysing trade and payments in Africa and beyond, leveraging our digital capabilities and regional footprint. Our entry into PAPSS aligns perfectly with our strategy of supporting economic growth in Kenya and across Africa by facilitating seamless financial transactions.” Said KCB Group CEO, Paul Russo.
KCB Group Brand Manager, Marketing and Corporate Communications, Irene Mutiso said, “This is what driving innovation in payments and fintech is all about—strategic partnerships, collaboration across multiple markets, and unlocking new frontiers for financial inclusion.”
She continued, “PAPSS is a game-changer for African trade, offering businesses and individuals the power to transact in real time through KCB Mobile Banking, Internet Banking, and our branch network.”
As it continues to play a crucial role in propelling Africa’s economic development and solidifying its position as the continent’s top financial institution, the platform places KCB at the forefront of enabling trade throughout Africa.
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About KCB Bank Group
The largest commercial bank in East Africa, KCB Group Plc, was founded in 1896.
The Group has its headquarters in Kenya, which also serves as the primary market, with two banking subsidiaries, KCB Bank Kenya and National Bank of Kenya.
The Bank has expanded over the years with branches in Tanzania, South Sudan, Uganda, Rwanda, Burundi, and the Democratic Republic of the Congo.
Additionally, its subsidiaries Trust Merchant Bank (TMB) and KCB Bank Kenya maintain representative offices in Brussels and Ethiopia, respectively.
The non-banking companies KCB Bancassurance Intermediary Limited, KCB Investment Bank, KCB Asset Management, KCB Foundation, and Kencom House Limited are also owned by the KCB Group.
KCB currently boasts the biggest branch network in the region, with 598 branches, 1,318 ATMs, and more than 33,393 merchants and agents providing round-the-clock banking services throughout East Africa.
To enhance seamless customer service experience, it also offers 24-hour contact centre services, internet banking, and mobile banking.
Its clients can be guaranteed that their international trade needs will be seamlessly met no matter where they are thanks to KCB’s extensive global network of correspondent connections, which includes more than 200 banks.
