Story Highlights:
- Service enables real-time cross-border transfers into mobile wallets and bank accounts
- Targets SMEs and individuals, aiming to lower costs and enhance transparency
- Pilot aligns with goals of African Continental Free Trade Area (AfCFTA)
- Afreximbank acts as settlement entity, boosting trust and liquidity across participants
In a major step toward seamless regional commerce, African fintech giant Onafriq and the Pan-African Payment and Settlement System (PAPSS) have launched a new cross-border payments pilot in Ghana, marking a significant milestone in efforts to deepen intra-African trade and financial inclusion.
The service, which went live following approval from the Bank of Ghana, enables users to send and receive money across African borders directly into mobile wallets and bank accounts. It is part of a six-month pilot phase designed to assess transaction flows, user adoption, and currency exchange performance in real-time.
“This service is not just about convenience,” said Dare Okoudjou, CEO of Onafriq. “It brings people together and enhances economic activity between Ghana and the region. African borders are starting to matter less — that is Onafriq’s goal.”
🌍 A Leap Toward AfCFTA’s Financial Backbone
The pilot initiative builds on the 2022 partnership between Onafriq and PAPSS, aligning with the African Continental Free Trade Area (AfCFTA) vision of building a single, integrated market across the continent. By tackling challenges such as high transaction fees and opaque exchange rates, the service aims to simplify payments for SMEs and individual users — sectors that drive the bulk of informal cross-border trade in Africa.
As Mike Ogbalu III, CEO of PAPSS, put it:
“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.”
💸 Real-Time, Low-Cost Transfers at Scale
Thanks to PAPSS’s regulatory infrastructure and settlement support from Afreximbank, participating banks and financial service providers in Ghana can now execute low-cost, near-instant cross-border payments across Africa. This includes fintechs, mobile money operators, and traditional institutions already partnered with Onafriq.
The service aims to formalize informal payment corridors, particularly those used by micro-businesses, traders, and diaspora communities.
Onafriq’s extensive network covers 43 African countries, connecting over 1 billion mobile wallets, 500 million bank accounts, and more than 400,000 agents in Nigeria alone. This gives the partnership unparalleled reach and infrastructure to power Africa’s digital economy.
🔮 What’s Next?
The pilot will inform potential scaling across additional African markets, with a focus on expanding wallet interoperability and optimizing currency settlement. The move also deepens the longstanding collaboration between Onafriq and PAPSS — both of whom are building the rails for a new era of digitally enabled, borderless African trade.
“We are proud to be at the forefront of this transformation,” said Okoudjou. “The future of payments in Africa is fast, transparent, and inclusive.”
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