For the first time in Kenya’s banking history, KCB Bank has integrated the Pan-African Payment and Settlement System (PAPPS) – a real-time, cost-effective infrastructure that is set to redefine cross-border transactions across Africa.
This strategic move places KCB at the center of Africa’s financial integration, making it the go-to bank for businesses and individuals looking to move money seamlessly across borders.
Cross-border payments in Africa have long been slowed by inefficiencies, high costs, and currency conversion challenges.
KCB’s PAPPS integration has enabled instant, seamless, and cost-effective transactions – allowing customers to send money in one currency and have it received in the recipient’s local currency.
This ensures faster settlement times (TAT) and greater convenience for businesses and individuals alike.
The bank’s early adoption of PAPPS positions it as a leader in the regional cross border transfers space.
Tackling High Cost and Inefficiencies in Cross-Border Payments
For businesses and individuals trading within Africa, traditional money transfer systems have been an expensive and time-consuming hurdle.
Whether it’s a business owner making supplier payments across borders or an individual sending money to family abroad, existing systems have forced users to:
- Undergo tedious and costly forex conversions before transferring. KCB’s PAPPS integration now allows recipient to receive in the local currency of their respective countries.
- Wait days for settlements due to reliance on intermediary banks outside the continent. It is now an instant transaction.
- Incur hidden costs that make African intra-trade expensive and uncompetitive. PAPPS integration has scrapped charges – as the recipient receives money in their local currency.
These inefficiencies have long stifled African trade. But with PAPPS, KCB Bank has actively eliminated these barriers.
How KCB’s PAPPS Integration has Changed the Game
As the first Kenyan bank to sign up with PAPPS, KCB Bank is offering an innovative, Africa-centric payment solution to its customers.
It has changed the industry, with:
1. Instant and Real-Time
PAPPS eliminates delays. Transactions between businesses and individuals across African countries now happen instantly, ensuring seamless cash flow and financial agility.
2. It is Cost-Effective
There’s no more expensive forex conversions, which drastically cuts remittance costs and enhances trade efficiency.
With PAPPS, you can send money in Kenya Shillings (KES), and the recipient gets it in their local currency
3. Secure and Transparent
PAPPS ensures transactions are secure, traceable, and fully compliant with regulatory requirements across participating countries.
With end-to-end encryption and fraud prevention measures, customers can trust that their funds are safe.
More importantly, recipients instantly receive the money in their local currency – eliminating conversion delays and extra charges.
This makes transactions faster and more convenient.
4. Expanding Business and Trade Opportunities
PAPPS unlocks new markets for all entities by removing financial friction between African countries.
Businesses can now trade freely, knowing their payments are processed quickly and at lower costs.
Who Stands to Benefit?
KCB’s PAPPS integration is a game-changer for:
Business Owners & SMEs (B2B)
Entrepreneurs, importers, and exporters who need real-time settlements and lower transaction costs.
Businesses looking to expand into new African markets without worrying about forex losses and long settlement times.
Individuals & Shoppers (P2P)
For individuals frequently sending money or making purchases across borders, PAPPS provides a reliable, secure, and cost-effective alternative to traditional remittance channels.
Funds are received instantly in the recipient’s local currency – eliminating conversion delays and extra charges.
This ensures seamless financial transactions across Africa, making cross-border payments faster, simpler, and more affordable.
A Strategic Advantage for KCB Bank
Beyond empowering customers, KCB Bank’s first-mover advantage in PAPPS offers significant business gains:
Increased Market Share
As the only Kenyan bank currently integrated into PAPPS, KCB solidifies its position as a leader in remittances and cross-border payments.
Revenue Growth
Higher transaction volumes, increased forex revenue, and new business corridors will drive KCB’s bottom line.
Industry Leadership
Other banks looking to join PAPPS will use KCB as the settlement bank and aggregator, reinforcing KCB’s dominance in Africa’s financial ecosystem.
Which African Countries Have Embraced PAPPS?
The new infrastructure is available across Africa, notably:
- Nigeria
- Ghana
- Sierra Leone
- Liberia
- Gambia
- Zimbabwe
- Guinea
- Djibouti
- Zambia
- Rwanda
- Malawi
- Comoros
- Tunisia
- Senegal
- Egypt.
It’s Time to Harness the Future of Money Transfers with KCB Bank
With PAPPS now available across KCB Bank branches, mobile banking, and iBank – the days of slow, expensive, and inefficient African money transfers are over.
Whether you’re a business expanding into new markets or an individual sending money across borders, KCB Bank gives you the power to transact instantly, affordably, and securely.
Africa moves faster when we move together.
