On Thursday, 18th April 2024, GCB Bank hosted a delegation from Zambia Industrial Commercial Bank (ZICB), led by Dr. Manyando Sikanda, Head of Operations at its Head Office in Accra. The visit focused on understanding the Pan-African Payment and Settlement System (PAPSS) in anticipation of Zambia's potential involvement.
GCB Bank's successful PAPSS implementation has served as a model for ZICB's exploration of the system. The delegation focused particularly on operational insights, lessons and experiences garnered by GCB since implementation, as well as collaborations with our Transaction Banking, IT, Project Management, Finance, Branch Operations and Business Support teams (BOBS), Corporate Affairs, and Electronic Banking Units. The ZICB delegation included Mr. Funwell Malake, Head of IT, and Mr. Cacius Mubita of the Compliance Department.
GCB Bank PLC achieved a significant milestone by being the first bank in the West African Monetary Zone (WAMZ) and Africa to achieve full PAPSS integration and execute client transactions in March 2023. At the close of last year, the bank commanded an impressive 46 percent of transactions on PAPSS, making it the dominant player in PAPSS-powered intra-african trade. This positions GCB as a driving force, empowering customers with real-time, secure, cross-border payments in their local currency while significantly reducing associated transfer fees.
The underscores GCB's commitment to dominating our markets and 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.
In attendance were key GCB representatives, 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; Mrs Patricia Kwasi-Kumah, Head of Corporate Affairs; among other members from the Compliance, Project Management, Innovations, Transaction Banking, Corporate Affairs and Branch Operations and Business Support teams.