by RUSSELL ADADEVOH
ACCRA – ONAFRIQ has partnered the Pan-African Payment and Settlement System (PAPSS) to launch cross-border payment services in Ghana.
This launch operationalises the partnership established in 2022, aimed at promoting intra-African cross-border trade and enhancing financial inclusion.
The service improves financial interoperability by making transactions faster, more convenient and cost-effective for small and medium-sized enterprises (SMEs) and individuals.
Effective immediately, banks partnering with PAPSS and Onafriq’s authorised fintech, mobile money service providers and traditional partners in Ghana can enable their customers to send and receive money directly into mobile wallets and bank accounts.
Onafriq is leveraging PAPSS infrastructure and regulatory coverage to offer its fintech, mobile money, and traditional partners in Ghana unparalleled access to cross-border payment capabilities. By participating in this arrangement, these partners benefit from the safeguards and efficiency of PAPSS’s framework.
The African Export-Import Bank (Afreximbank) serves as the settlement entity, ensuring trusted and timely settlement between parties.
Dare Okoudjou, Founder and CEO of Onafriq, said, “We are excited to be taking another step in operationalising our important partnership with PAPSS to bring this innovative cross-border payment solution to our users.”
Mike Ogbalu III, CEO of PAPSS, echoed this enthusiasm, adding the launch was a milestone in their journey towards a more integrated financial landscape in Africa.
“We believe this service will help reduce the liquidity burden on participants while fostering financial inclusion across the region,” Ogbalu III said.
The six-month pilot program – approved by the Bank of Ghana (BoG) – will allow Onafriq and PAPSS to assess transaction flows, user adoption, and foreign exchange performance while delivering better rates and more accessible services to customers.
– CAJ News
