Prudential Bank has stated its readiness to support the government’s new flagship initiative, the 24-Hour Economy policy launched by President John Mahama, which seeks to redefine the nation’s economic architecture by boosting productivity, creating jobs and reducing reliance on imports.
Equipped with state-of-the-art banking infrastructure and digital products, Prudential Bank Ltd (PBL)is poised to deploy its full range of services, including payment platforms, collections expertise, trade solutions as well as customer experience teams to support the 24-Hour Economy initiative.
“We are ready to deliver. Our Bank is fully equipped to support this laudable initiative with the requisite systems and a 24-hour Customer Experience Centre specifically designed for the task,” assured the Executive Head of Retail and Commercial Banking, Ebow Quayson.
At the core of the Bank’s unwavering readiness is the wide array of payments, collections and trade capabilities deployed over the years to drive impactful business growth. In recent times, the Bank has upgraded its technology infrastructure with enhancements to key payment platforms, ensuring 24/7 availability.
In terms of payment solutions, “PBL offers a variety of transactional cards such as Mastercard, GhLink, Visa, UPI, and eZwich, which enable seamless payments across the country and worldwide. In addition, customers can access our suite of digital platforms, including the sleek PBL Mobile App, our USSD service ‘mobiWise’, the ‘netWise’ internet banking platform, and the Pan African Payment and Settlement System (PAPSS) for intra-African trade. These channels empower individuals to pay for goods and services any time, any day.
"Corporate organisations participating in the 24-hour program implementation can also leverage our Corporate Internet Banking platform, DigiPay, to facilitate bulk payments, including staff salaries, vendor and supplier transactions and statutory payments-SSNIT, GRA and others. Our PAPSS platform facilitates payments with Africa, not to mention our Mastercard corporate card for imprest/per diem uses during travels." Mr. Quayson stated.
The 24-Hour Economy programme is designed to integrate agriculture, industry, finance and infrastructure into a unified system that operates beyond traditional business hours. It aims to create 1.7 million jobs over the next four years, with emphasis on strategic value chains such as agro-processing, textiles, pharmaceuticals, and logistics.
This dynamic approach means participating industries and institutions will require robust collections services and platforms that enable seamless receipt of payments for goods sold, services rendered, and supplies delivered. According to Executive Head, Ebow Quayson, the Bank is fully equipped with the capabilities to support these evolving needs.
“We are proud to be one of the pioneering banks on the PAPSS platform, which enables companies to receive funds in near real-time across the African continent,” he said. “Beyond PAPSS, our M-Pay solution available on all telco platforms empowers SMEs and corporates to receive payments instantly, anywhere in the country via mobile money. Our suite of collection platforms, including GhQR, web acquiring platforms and POS terminals, ensures that businesses can efficiently receive their funds and sustain round-the-clock 24/7 operations.”
The initiative features eight integrated sub-programmes aimed at building a resilient, inclusive economy: Grow24 (agriculture), Make24 (manufacturing), Build24 (infrastructure), Fund24 (financing), among others. To incentivise participation, the programme offers a suite of business-friendly policies including up to 50% tax rebates for 24-hour operations, import duty waivers, and export performance bonuses.
Mr. Quayson noted that, as a novelty in the country, corporate players, especially financial service providers, must deploy their strongest structures in these areas to support their implementation.
“At Prudential Bank, we have enabled trade within Ghana, across Africa and globally through systems that ensure the effective completion of deals and contracts. Whether it’s intra-African trade via PAPSS or SWIFT, issuing letters of credit, processing bills for collection, or making advance payments, we are positioned to support businesses in meeting deadlines and fulfilling their financial obligations in trade,” he said.
Commenting on the initiative and the Bank’s preparedness, Chief Information Officer Leopold Armah noted that over the years, the Bank has made significant investments in technology and platforms to adequately respond to customer queries and concerns.
He further stated that emphasis on the importance of a personalized approach in the entire service delivery cycle over a "one-size-fits-all" enables the Bank to foster stronger relationships with our customers. This, he believes, sets the Bank apart in its readiness to support the government’s programme.
“Our 24/7 Customer Experience Centre developed under our digital transformation agenda with contact numbers including tolls free lines displayed on our website, social media platforms (Facebook, LinkedIn, X, Instagram), dedicated WhatsApp complaint line and more, offers Ghanaians multiple options to reach PBL at any time and receive prompt responses to their urgent financial enquiries. We are fully prepared and committed to supporting this initiative,” he added.
Mr. Armah also assures Ghanaians that the Bank is well-equipped to combat cyber attacks, mitigate fraud, and safeguard customers as the country fully embraces the programme.
“We are fully prepared to provide the security backbone for our clients. A 24-hour Economy demands a 24-hour security alertness, especially within cyberspace. We have the infrastructure in place, and it is our daily mandate to protect the Bank and our customers from any form of cyber threat”, he acknowledged.
“Our 2-factor authentication and one-time password features ensure better security on our platforms. We are also an ISO27001 and PCI DSS-certified institution.”
With the launch of the initiative, corporate Ghana is expected to play a pivotal role in its implementation. The programme, according to the 24-Hour Secretariat, is projected to cost approximately $4 billion, with the government committing $300 to $400 million as seed funding to attract private sector investment.
Source : Prudential Bank Limited