Onafriq, in collaboration with the Pan-African Payment and Settlement System – PAPSS has launched a new cross-border payment service. It facilitates outbound transactions from Ghana. This initiative marks a significant step in implementing the partnership announced in 2022. It seeks to strengthen intra-African trade and promote financial inclusion through improved payment interoperability.
The new service enables customers of participating banks, fintechs, mobile money providers, and other financial institutions in Ghana to send and receive funds directly into mobile wallets and bank accounts. It aims to address long-standing challenges such as high transaction costs, inconsistent exchange rates, and the lack of formal channels for informal cross-border payments. The primary focus will be on supporting small and medium-sized enterprises [SMEs] and retail-level transactions.
Operating under the regulatory approval of the Bank of Ghana. The six-month pilot will assess key metrics including transaction volumes, user adoption, and foreign exchange performance. The service leverages PAPSS infrastructure for real-time clearing and settlement, with the African Export-Import Bank [Afreximbank] serving as the settlement agent to ensure reliability and compliance across participating institutions.
“Onafriq is pleased to advance this important collaboration with PAPSS,” said Dare Okoudjou, Founder and CEO of Onafriq. “This initiative connects users across borders and supports greater economic participation, particularly for SMEs and underserved communities.”
Mike Ogbalu III, CEO of PAPSS, added: “This launch represents a major stride toward building a more integrated African payment ecosystem. By simplifying cross-border transactions, we’re helping financial institutions and their customers engage more seamlessly in regional trade.”
The pilot program reflects a shared commitment by Onafriq and PAPSS to building inclusive financial infrastructure across Africa. Following the Ghana rollout, the service is expected to expand to include additional countries and mobile money platforms.
