International trade is a constantly evolving scene involving many players with varied and unpredictable behaviour. It involves the flow of goods/services from a seller in one country to a buyer in another country in accordance with the contract of sale and the subsequent flow of payment from buyer to seller. Before entering into an International Trade transaction, individuals and businesses must assess the risks involved as well as all possible mitigation methods.
Together with our first-class International partners, PBL’s Trade Finance team is available to facilitate the smooth settlement of our clients' International Trade transactions. Our aim is to ensure that your import and export transactions are managed effortlessly and efficiently.
PAPSS Money Transfer
The Pan-African Payment and Settlement System (PAPSS) is a cross-border payment platform that is designed specifically for the settlement of payments between African countries. This settlement solution is intended to boost international trade among African nations under the African Continental Free Trade Area (AfCFTA) and foster economic and financial integration.
Prudential Bank Limited (PBL) has over the past twenty-six (26) years actively supported trade on the continent and beyond and is one of nineteen (19) banks in Ghana that have successfully completed the integration process and are live on PAPSS.
Customers can now send funds (in Cedis) to other African countries without requiring foreign currencies such as the US Dollar (this means, no dollar to cedi or cedi to dollar transaction involved). Such transfers can be initiated on the PAPSS platform at any of our branches nationwide. PAPSS eliminates the need for correspondent banking structures, making it unique compared to other cross-border payment systems. The transaction only involves the initiating bank and the receiving bank. This feature allows for instant settlements and reduces the cost involved in making cross-border payments, ensuring a seamless experience for customers.
Currently, customers can send funds to Nigeria, Liberia, Gambia, Sierra Leone, Guinea, Djibouti and Zimbabwe only. Participating Nigerian banks that can send and also receive payments through the PAPSS platform include First Bank, Stanbic IBTC Bank, UBA, Access Bank, Sterling Bank, LOTUS Bank, Keystone Bank, Wema Bank, Polaris Bank, Providus Bank, Union Bank, Jaiz Bank, Zenith Bank, Fidelity Bank, Optimus Bank, Coronation Merchant Bank and Parallax Bank.
Four (4) banks in Liberia have been set up on the PAPSS platform: the International Bank of Liberia (IBL), Sapelle Bank of Liberia (SIB), Bloom Bank Africa, UBA, GT Bank and Ecobank Liberia. In Gambia, customers can send and receive funds from the following participating banks: Bloom Bank Africa (Gambia), AGIB Bank, Access Bank and Vista Bank Gambia. Customers can also send and receive funds from Bloom Bank Africa, UBA, Sierra Leone Commercial Bank (SLCB) Access Bank, Rokel Bank, GT Bank and Vista Bank in Sierra Leone.
In Guinea, customers can send and receive funds via the PAPSS platform at UBA, Access Bank, and Vista Bank. Similarly, in Djibouti, PAPSS services are available at Salaam African Bank and East African Bank. In Zimbabwe, customers can access PAPSS through African Century Bank.
PBL customers will soon be able to send funds to Zambia, Kenya, Rwanda, Malawi and Tunisia through participating banks in these countries. Customers will be updated on when these countries become operational on PAPSS.
Please note that just like any other cross-border payment, transfers through PAPSS will be subject to the Foreign Exchange Act and all other existing regulations governing cross-border settlements.
For further details, call us toll-free on 0800 000 772, 0551 85 85 85, 0302 750 420, or visit any of our forty-one (41) business locations.
Correspondent Banks
Our correspondents in foreign countries allow you to fund your PBL account in these currencies:
- United States Dollar
- Euro
- British Pound Sterling
Here's a list of our partner banks:
Citibank N.A New York
111 Wall Street
19th Floor
New York, N.Y. 10043
Account Number: 36123846
SWIFT: CITIUS33
Fedwire: 021 000 089
Citibank A. G. Frankfurt
Neue Mainzer Strasse 75
60311 Frankfurt Main
Germany
Account Number: 4115498016
SWIFT: CITIDEFF
IBAN: DE27502109004115498016
Citibank N.A. London
Citigroup Centre
33 Canada Square, Canary Wharf
London E14 5LB
United Kingdom
Account Number: 0008228817
SWIFT: CITIGB 2L
SORT CODE: 18-50-08
BHF Bank
Aktiengessellschaft
Blockenheimer Landstrasse 10
60323 Frankfurt Am Main
Frankfurt, Germany
Account Number: 711572
SWIFT: BHFBDEFF
CODE: 500-202-00
BHF Bank
Aktiengessellschaft
Blockenheimer Landstrasse 10
60323 Frankfurt Am Main
Frankfurt, Germany
Account Number: 100711572
SWIFT: BHFBDEFF
CODE: 500-202-00
Ghana International Bank
67 Cheapside, 1st Floor
London EC2V 6AZ
Account Number: 10023002
SWIFT: GHIBGB2L
Ghana International Bank
67 Cheapside, 1st Floor
London EC2V 6AZ
Account Number: 10023001
SWIFT: GHIBGB2L
Ghana International Bank
67 Cheapside, 1st Floor
London EC2V 6AZ
Account Number: 10023003
SWIFT: GHIBGB2L
Bank of Beirut (UK) Ltd
17a Curson Street
United Kingdom
Account Number: 0116093227900
SWIFT: BRBAGB2L
IBAN: GB23BRBA23084793227901
Bank of Beirut (UK) Ltd
17a Curson Street
United Kingdom
Account Number: 1116003227000
SWIFT: BRBAGB2L
IBAN: GB66BRBA23084793227903
For further information contact:
TEL No. +233-302-781200-2/6 or +233-302-781184
FAX No. +233-302-781194
Or visit any Prudential Bank branch
The Prudential Bank Swift Code is PUBKGHAC
Documentary Credit (Letters of Credit)
It is an irrevocable undertaking given by a bank that offers certainty of payment to the seller and delivery of goods to the buyer provided a number of stated terms and conditions are met. The payment may be either at sight or at an agreed future date. This is considered the safest method in International Trade Finance for both the buyer and the seller.
Contact our Trade Finance Department on 233-302-781184 for further information.
Documentary Collection
With this arrangement, the seller will dispatch the goods and send the documents via the banking system for collection of the sales proceeds as well as the delivery of the documents to the buyer according to the terms of the sales contract which may be by Payment or Acceptance of a termed draft for payment at a determinable future date. With this method, both the buyer and the seller are subject to some level of risk.
Customers requesting Documentary Collection services should contact us on 233-302-781184 for further information.
Advance Payments
With this arrangement, the buyer pays for the goods or services in advance. The seller on receipt of the payment then arranges for the goods to be shipped to the buyer. The risk in this case is solely on the buyer.
Please contact our Trade Finance Department on 233-302-781184 for further information.
Open Account Payments
This arrangement is when the seller ships the goods to the buyer and sends title documents to the buyer for payment on a specified future date. The risk in this case is solely on the seller.
For further information, please contact us on +233-302-781184 or visit any of our branches and our staff will be glad to assist you.