Three adjudged best ministers receive their award 03
AfDB chief garners strong global support for Africa 05
NEWS FOR BUSINESS LEADERS
BUSINESS24.COM.G H | WEDNESDAY, AP RIL 27, 202 2
PAPPS growth hangs on support for SMEs, Fintech – expert FBNBank’s MD 03 appointed to Venture Capital Trust Fund board
By Eugene Davis The Country Manager at AZA Finance, Nana Yaw Owusu-Banahene, has encouraged African countries and businesses to strive to streamline the Pan-African Payment and Settlement System (PAPPS) to ensure the full benefit is derived. According to him, “if we are able to implement PAPPS very well and bring all the fintechs and mobile money companies on board, SMEs and individuals can easily make payments into African countries at lower cost than what they are paying now.” The full implementation of PAPPS is expected to save the continent more than US$5bn in payment transaction costs each year.
Speaking at the Money Summit event under the auspices of B&FT, he indicated that his company is deepening collaboration with licensed mobile money companies and financial technologies(fintechs) and are leveraging on their license as well as providing infrastructure and technology. He also touched on the emergence of crpto-currency and stated that it has to be done well because its implementation can cause “certain shocks” in the economy in terms of financial stability and monetary supply. The 2nd Deputy Governor of the Bank of Ghana, Elsie Awadzie, who represented the
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