Ghana: GCB Bank PLC leads African financial integration, hosts ZICB delegation

By InstinctBusiness Apr 26, 20240

GCB Bank PLC has reaffirmed its commitment to driving African financial integration as it hosted a delegation from Zambia Industrial Commercial Bank (ZICB).

Led by Dr. Manyando Sikanda, Head of Operations at ZICB’s head office, the visit aimed to explore the Pan-African Payment and Settlement System (PAPSS) in anticipation of Zambia’s potential involvement.The delegation, comprising key representatives from ZICB including Mr. Funwell Malake, Head of IT, and Mr. Cacius Mubita from the Compliance Department, sought to gain insights from GCB Bank’s successful implementation of PAPSS. Specifically, they focused on operational insights, lessons learned, and experiences garnered by GCB since its implementation, as well as collaborations with various departments within the bank.

GCB Bank PLC achieved a significant milestone in March 2023 by becoming the first bank in the West African Monetary Zone (WAMZ) and Africa to achieve full PAPSS integration and execute client transactions. As of last year, the bank accounted for an impressive 46 percent of transactions on PAPSS, making it a dominant player in facilitating intra-African trade. This achievement underscores GCB’s commitment to empowering customers with real-time, secure, cross-border payments in local currencies while significantly reducing associated transfer fees.

In attendance at the meeting were key representatives from GCB Bank, including Mr. Abel Daitey, Chief Information Officer; Mr. Dominic Cobbinah, Head of Branch Operations; Mr. Andrews Adu Osei, Head of Transaction Banking; Mr. Carl Ashie, Head of TB Channel/Fintech Implementations and Client Access; and Mrs. Patricia Kwasi-Kumah, Head of Corporate Affairs, among others from various departments within the bank.

The meeting highlighted GCB Bank’s dedication to fostering partnerships and knowledge-sharing initiatives across borders, solidifying its position as a leading financial institution driving innovation and efficiency in the African banking landscape.

source: myjoyonline.com