Onafriq has unveiled a new cross-border payment service in Ghana, partnering with the Pan-African Payment and Settlement System (PAPSS) resulting in seamless payments.
This initiative aims to simplify regional money transfers and strengthen intra-African trade, which has faced challenges for many years.
With this service now live, banks, FinTechs, mobile money operators, and financial institutions in Ghana can easily connect customers and have seamless payments.
Customers can send and receive funds directly to mobile wallets and bank accounts, promoting convenience and financial inclusion for all.
For too long, high transaction fees and unclear exchange rates discouraged formal cross-border payments across Africa, especially for small businesses.
However, Onafriq’s collaboration with PAPSS tackles these obstacles, offering transparent and affordable payment solutions for everyone involved.
As a result, informal cash flows can now shift into regulated systems, boosting financial security and government revenue alike.
Empowering Small Businesses and Retail Users
Most importantly, this service places strong emphasis on SMEs and everyday retail users, who often struggle with cross-border payments.
The pilot program enables real-time transactions, supported by PAPSS’s robust infrastructure and proven regulatory framework.
Moreover, the African Export-Import Bank (Afreximbank) acts as the trusted settlement agent, ensuring smooth and timely transaction processing.
This guarantees funds reach their destinations without delays, which is vital for small businesses operating with tight cash flows.
Leaders Committed to a Connected Africa
Onafriq founder and CEO Dare Okoudjou expressed great optimism about this new milestone in African financial connectivity and inclusion.
He stated, “We are excited to take another step forward, operationalising our partnership with PAPSS to serve African users.”
Furthermore, he highlighted how this solution connects communities, strengthens trade ties, and supports Onafriq’s mission to make financial services accessible.
“African borders are starting to matter less; this is Onafriq’s goal,” Okoudjou emphasized, underscoring their vision for borderless payments.
Likewise, PAPSS CEO Mike Ogbalu III celebrated the launch as a landmark moment for Africa’s integrated financial ecosystem.
He remarked, “Our partnership with Onafriq demonstrates our shared commitment to empower SMEs and individuals with simplified payments.”
Additionally, Ogbalu explained how this solution reduces liquidity burdens for participants and promotes widespread financial inclusion across African regions.
Regulatory Backing and Pilot Evaluation
The Bank of Ghana has officially approved a six-month pilot period for this new cross-border payment initiative.
During this period, Onafriq and PAPSS will closely monitor transaction volumes, foreign exchange impacts, and overall user adoption trends.
These insights will help refine the service before a wider rollout, ensuring maximum benefit for customers and financial partners alike.
With strong regulatory oversight, users can feel confident about security and compliance while enjoying hassle-free cross-border payments.
Onafriq’s Growing Pan-African Footprint
Onafriq’s infrastructure already covers 43 African countries, providing unmatched reach and trusted financial connectivity for millions of people.
It connects partners such as banks, FinTechs, and global development organisations through one seamless network, supporting economic growth everywhere.
Users enjoy access to over 1 billion mobile money wallets and 500 million bank accounts, proving Onafriq’s commitment to accessibility.
Notably, Onafriq operates in major African and international markets, amplifying its impact on financial inclusion and digital payments globally.
PAPSS and AfCFTA: Enabling Africa’s Trade Future:
PAPSS, launched by Afreximbank and the African Union, provides the infrastructure that underpins the African Continental Free Trade Agreement (AfCFTA).
By working with partners like Onafriq, PAPSS empowers African countries to settle cross-border payments quickly and cost-effectively resulting in seamless payments.
This boosts trade, unlocks economic opportunities, and supports Africa’s vision of a unified single market for businesses and consumers.
Therefore, initiatives like this not only benefit individuals but also enhance Africa’s competitiveness in the global economy.
A Bold Step Towards Financial Freedom:
In summary, Onafriq and PAPSS have taken a bold step toward breaking down financial borders and bringing Africans closer together and have seamless payments.
Their partnership makes sending money across African countries faster, cheaper, and safer, which encourages regional trade and growth.
As the pilot progresses, more SMEs and individuals will likely experience the benefits of seamless, transparent payments in real time.
Together, Onafriq and PAPSS are paving the way for a stronger, connected, and financially inclusive Africa for everyone.