Onafriq and the Pan-African Payment and Settlement System (PAPSS) launched a new cross-border payment service pilot in Ghana on Friday.
This initiative simplifies and speeds up outbound transactions from Ghana, making cross-border payments more accessible for businesses and individuals.
Expanding access to cross-border payments for SMEs and individuals
The pilot service will enable banks, fintechs, and mobile money providers in Ghana to allow customers to send and receive money directly into mobile wallets and bank accounts across African borders.
This move targets small and medium-sized enterprises (SMEs) and individuals traditionally facing high transaction costs and unclear exchange rates.
The service promises greater financial inclusion and convenience by integrating informal cross-border transactions into formal payment systems.
Dare Okoudjou, Founder and CEO of Onafriq, emphasised the broader impact, stating, “This service is not just about convenience; it brings people together and enhances economic activity between Ghana and the region. African borders are starting to matter less; this is Onafriq’s goal.”
Initially established in 2022, the partnership leverages PAPSS’s infrastructure and regulatory framework to offer reliable and secure payment options.
Pilot program and institutional support
The six-month pilot, approved by the Bank of Ghana, will help Onafriq and PAPSS evaluate transaction flows, user adoption, and foreign exchange performance.
The African Export-Import Bank (Afreximbank) acts as the settlement entity, ensuring trusted and timely settlement between parties.
Mike Ogbalu III, CEO of PAPSS, highlighted the importance of this collaboration, stating, “Our partnership with Onafriq represents a commitment to empowering SMEs and individuals by simplifying cross-border transactions. We believe this service will help reduce the liquidity burden on participants while fostering financial inclusion across the region.”
This pilot marks a key step toward enhancing intra-African trade and financial interoperability by connecting over 500 million mobile wallets and bank accounts across 43 African markets through Onafriq’s network.
Onafriq’s recent partnerships with global fintech players like Circle and Mastercard further reinforce its commitment to expanding secure and accessible digital payments across Africa.