Onafriq and PAPSS launch a pilot program for cross-border payments in Ghana.

Onafriq and PAPSS have initiated a six-month cross-border payment pilot in Ghana. This initiative targets small and medium-sized enterprises (SMEs) and informal trade, aiming to facilitate real-time mobile and bank transactions.

Initiative Approved by the Bank of Ghana

The program seeks to enhance intra-African financial transactions by establishing a direct link between bank accounts and mobile money wallets both within Ghana and across its borders. PAPSS’ infrastructure supports real-time settlements in local currencies, with Afreximbank serving as the central settlement institution to manage risks and ensure timely processing.

Focus on SMEs and Informal Transactions

The pilot focuses on low-value retail and small business transactions that have historically faced challenges due to high fees and opaque exchange rates. By enabling transfers between bank accounts and mobile wallets, the system aims to promote the formalization of informal cross-border trade in West Africa. According to PAPSS officials, this solution is intended to alleviate liquidity constraints for participants while improving financial service access in under-served regions.

Onafriq’s Role

Onafriq plays a crucial role by leveraging its multi-channel payment infrastructure, which covers 43 markets across Africa. The company connects mobile money platforms, banks, and agent networks to facilitate services such as domestic and international money transfers, card issuance, and treasury management.

Supporting the AfCFTA

This latest step aligns with both companies’ commitments to advancing the objectives of the African Continental Free Trade Agreement (AfCFTA), highlighting PAPSS as a key mechanism for streamlining trade-related payments.

Onafriq and PAPSS have launched a six-month cross-border payment pilot in Ghana, targeting small and medium-sized enterprises (SMEs) and informal trade with real-time mobile and bank transactions. This initiative has received approval from the Bank of Ghana.

Facilitating Intra-African Financial Transactions

The program aims to streamline financial interactions within Africa by creating a direct connection between bank accounts and mobile money wallets, both domestically and across borders. PAPSS provides real-time settlements in local currencies, with Afreximbank acting as the central settlement institution to handle risk management and ensure prompt processing.

Focus on Low-Value Retail and Small Business Transactions

The pilot centers on low-value retail and small business transactions, which have often been hindered by high transaction costs and unclear exchange rates. By enabling seamless transfers between bank accounts and mobile wallets, the system aims to support the formalization of informal cross-border trade in West Africa. PAPSS officials state that this solution intends to ease liquidity challenges for participants while enhancing financial service accessibility in under-served areas.

Onafriq’s Contribution

Onafriq supports the pilot through its multi-channel payment infrastructure, which encompasses 43 African markets. The company integrates mobile money platforms, banks, and agent networks to offer services such as domestic and international transfers, card issuance, and treasury management.

Aligning with AfCFTA Goals

This latest move aligns with Onafriq’s and PAPSS’ efforts to advance the goals of the African Continental Free Trade Agreement (AfCFTA), emphasizing PAPSS as a critical tool for simplifying trade-related payments.

Pilot Launch in Ghana

Onafriq and PAPSS have launched a six-month cross-border payment pilot program focusing on small and medium-sized enterprises (SMEs) and informal trade, utilizing real-time mobile and bank transactions. Approved by the Bank of Ghana.

Streamlining Intra-African Financial Transactions

The initiative aims to facilitate seamless financial interactions within Africa through a direct link between bank accounts and mobile money wallets both domestically and across borders. PAPSS’ infrastructure ensures real-time settlements in local currencies, with Afreximbank serving as the central settlement institution for risk management.

Low-Value Retail and Small Business Focus

The pilot targets low-value retail and small business transactions, addressing high fees and opaque exchange rates. By enabling transfers between bank accounts and mobile wallets, the system supports formalizing informal cross-border trade in West Africa. PAPSS officials highlight that this solution aims to alleviate liquidity constraints for participants while boosting financial service access in under-served regions.

Onafriq’s Role

Onafriq contributes through its multi-channel payment infrastructure, covering 43 African markets. The company connects mobile money platforms, banks, and agent networks to provide services like domestic and international transfers, card issuance, and treasury management.

Supporting AfCFTA Goals

This latest step supports the objectives of the African Continental Free Trade Agreement (AfCFTA), with PAPSS acting as a key mechanism for simplifying trade-related payments.

Introduction to Pilot Program

Onafriq and PAPSS have initiated a six-month cross-border payment pilot in Ghana, targeting small and medium-sized enterprises (SMEs) and informal trade with real-time mobile and bank transactions. Approved by the Bank of Ghana.

Intra-African Financial Transactions

The program aims to streamline financial interactions within Africa through a direct link between bank accounts and mobile money wallets, both domestically and across borders. PAPSS provides real-time settlements in local currencies with Afreximbank managing risk and ensuring timely processing as the central settlement institution.

Low-Value Retail and Small Business Focus

The pilot centers on low-value retail and small business transactions, which have often faced challenges due to high fees and opaque exchange rates. By enabling transfers between bank accounts and mobile wallets, the system supports formalizing informal cross-border trade in West Africa. PAPSS officials emphasize that this solution aims to ease liquidity constraints for participants while improving financial service access in under-served regions.

Onafriq’s Contribution

Onafriq contributes through its multi-channel payment infrastructure, which covers 43 African markets. The company connects mobile money platforms, banks, and agent networks to offer services such as domestic and international transfers, card issuance, and treasury management.

Supporting AfCFTA Goals

This latest step supports the objectives of the African Continental Free Trade Agreement (AfCFTA), with PAPSS serving as a key mechanism for simplifying trade-related payments.

Launching Cross-Border Payment Pilot in Ghana

Streamlining Financial Interactions in Africa

The initiative aims to facilitate seamless financial interactions within Africa through a direct link between bank accounts and mobile money wallets, both domestically and across borders. PAPSS’ infrastructure ensures real-time settlements in local currencies with Afreximbank serving as the central settlement institution for risk management.

Low-Value Retail and Small Business Focus

Onafriq’s Contribution

Supporting AfCFTA Goals

This latest step supports the objectives of the African Continental Free Trade Agreement (AfCFTA), with PAPSS acting as a key mechanism for simplifying trade-related payments.