Onafriq, PAPSS unveil cross-border payment service in Ghana pilot

Onafriq, in partnership with the Pan-African Payment and Settlement System (PAPSS), has launched a new cross-border payment service, with Ghana selected as the initial pilot location for outbound transactions. This launch brings to life the collaboration initiated in 2022, aimed at advancing intra-African trade and strengthening financial inclusion across the continent.

The new service enhances financial interoperability by enabling faster, more convenient, and cost-effective transactions for small and medium-sized enterprises (SMEs) and individual users. Effective immediately, banks connected to PAPSS, along with Onafriq’s authorised fintech companies, mobile money operators, and traditional partners in Ghana, can offer customers the ability to send and receive funds directly into mobile wallets and bank accounts.

This innovative solution is designed to tackle long-standing challenges such as high transaction fees and non-transparent exchange rates. It also seeks to integrate informal cross-border trade activities into formal payment ecosystems, with a primary focus on SME and retail transactions.

As part of the pilot, Onafriq is leveraging PAPSS’s infrastructure and regulatory coverage to provide its partners in Ghana with seamless access to cross-border payment capabilities. These partners will benefit from the security and efficiency embedded in the PAPSS framework. The African Export-Import Bank (Afreximbank) serves as the settlement entity, ensuring trusted and timely reconciliation between participating institutions.

“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. This service is not just about convenience; it brings people together and enhances economic activity between Ghana and the region. We are dedicated to making financial services accessible to everyone and are proud to be at the forefront of this transformation. African borders are starting to matter less; this is Onafriq’s goal,” Dare Okoudjou, Founder and CEO of Onafriq said.

“Today marks a significant milestone in our journey towards a more integrated financial landscape in Africa. 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,” CEO of PAPSS, Mike Ogbalu III.

The six-month pilot program—approved by the Bank of Ghana (BoG)—will allow Onafriq and PAPSS to monitor transaction volumes, user adoption rates, and foreign exchange performance. It is also expected to offer better exchange rates and broaden financial access for consumers.

This launch strengthens the long-standing relationship between Onafriq and PAPSS, reinforcing their shared commitment to building inclusive financial infrastructure across Africa. The service will soon be rolled out on mobile money platforms and other fintech-based wallets.