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PAPPS is critical to improving intra-Africa trade, says Apea

African businesses lose over US$5 billion every year to charges, payments and other related costs to intra-African trade barriers

The Pan African Payment and Settlement System (PAPSS) is critical to improving intra-Africa trade, newly appointed CEO of eTranzact John Apea has said.

African businesses lose over US$5 billion every year to charges, payments and other related costs to intra-African trade barriers.

Speaking to Kwaku Nhyira-Addo on the Asaase Breakfast Show on Wednesday( 8 June) Apea said localised payment system is crucial in making the  African Continental Free Trade Area (AfCFTA) a success.

“The most important thing that I think has been done in that ecosystem is the creation of Pan African Payment and Settlement System (PAPSS)  which was launched by the Vice President Dr Mahamudu Bawumia some months back.”

“If Iam paying for a good in Kenya from Ghana, I have to bounce it off to another currency for that currency to now convert to that currency in Ghana, …that doesn’t capture a lot of informal market, and that informal market is very  important for that informal market to be attractive to investors,” Apea said.

“The Africa Free Trade Agreement is very good in theory but it need practical steps for it to be able to achieve it’s objective, because if Iam buying tomatoes from Sierra Leone in Ghana for instance, it might be cheaper for me to actually buy the tomatoes from China and have it shipped to Ghana, because the tariffs are too high,” he added.

Listen to John Apea in the attached audio below:

 

Appointment

ETranzact Ghana in May  appointed John Kwadwo Obeng Apea as the new Chief Executive Officer (CEO) of the company.

This was after his approval by the Bank of Ghana (BoG).

Mr Apea brings several years of business experience as Head of Mission in Ghana, Gambia, Sierra-Leone and Cameroon for the Commonwealth Enterprise and Investment Council, a body created by 54 Commonwealth Heads of Government to promote Trade and Investment across the Commonwealth 2.4 billion citizens.

New role

A release issued by the company said; “In this role, Mr Apea has been instrumental in driving Foreign Direct Investment (FDI) in sub-Saharan Africa.

Previously, he worked as the Senior Strategist to Data Analytics giants, SCL Group and Cambridge Analytica. He worked at the Chairmanship and C-Suite levels across private equity, manufacturing, business advisory and technology organisations.

“He is a trusted business interlocutor for many world leaders and the first port of call for several foreign governments, global businesses and CEOs on business and political matters pertaining to Africa,” it said.

About eTranzact

eTranzact Ghana has emerged as a proven leader in electronic payments and aggregation solutions. Since the commencement of operations in 2006, the company has been tailoring electronic payment solutions for banks and private businesses of all types and sizes throughout Ghana.

eTranzact Ghana is a fully integrated multi-application and multi-channel payment processing and transaction switching platform. eTranzact provides access to its platform to banks, mobile network operators, and money transfer operators to facilitate fund transfers, airtime purchases, bill payments, and payment processing services.

As one of the few fully integrated payments processing platforms in Africa, eTranzact’s switching platform agility is a key competitive advantage due which allows it to provide tailor-made products and services easily and efficiently for its clients by adapting the switching platform to specific requests.

Capitalizing on the pervasiveness of mobile phones in its core markets, eTranzact has developed differentiated expertise in providing phone-agnostic mobile transaction solutions such as mobile banking, mobile money, remittances, web payment and card services.

Fred Dzakpata

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