PAPSS CEO: Africans must come together to move Africa forward

In attendance at the Intra-Africa Trade Fair currently taking place in Egypt, Mike Ogbalu, CEO of PAPSS, sat down with CNBC Africa's Kenneth Igbomor to discuss the importance of effective payment systems for the growth of intra-Africa trade. Highlighting the vision of Africa's founding fathers dating back to 1963, Ogbalu emphasized the significance of trade fairs in uniting businesses and stakeholders across the continent. This year's intra-Africa trade fair, like its predecessors, has proven to bring together stakeholders, facilitate numerous deals, and showcase the diverse advantages existing within different African markets. Ogbalu stressed the crucial role of integration in moving Africa forward, with a particular focus on the vital segment of payment systems. PAPSS has marked significant progress in this regard, currently operating in 11 countries with partnerships with major commercial banks such as Standard Bank, UBA, Ecobank, Access Bank, and KCB. The system enables real-time, instant payments across multiple African nations, benefiting small and medium enterprises by streamlining payment processes and enhancing operational efficiency. Ogbalu emphasized the value of PAPSS in reducing FX requirements for trade, thereby promoting the use of local currencies and driving economic growth. The platform's adaptability allows it to support both traditional financial service providers and emerging tech players, ensuring seamless transactions and financial inclusion across the continent. Looking ahead, PAPSS aims to expand its reach to 35 countries by the end of next year, focusing on promoting the tangible benefits of the system and fostering widespread adoption among African nations.