Onafriq and PAPSS launch cross-border Payment Pilot in Ghana

The initiative, approved by the Bank of Ghana, aims to streamline intra-African financial transactions by offering a direct link between bank accounts and mobile money wallets within the country and across borders. 

The service is built on PAPSS’s infrastructure, which facilitates real-time settlements in local currencies. The African Export-Import Bank (Afreximbank) will act as the central settlement institution, helping to manage risk and ensure timely processing.  

Ghana is the first country to host the pilot, with plans to expand access through both fintech and traditional financial service providers operating under Onafriq’s network.

Focus on SMEs and informal transactions

The pilot focuses on low-value retail and small business transactions, which have often been hindered by high fees and non-transparent exchange rates. By allowing transfers to and from bank accounts and mobile wallets, the system is expected to support the formalisation of informal cross-border trade, particularly in West Africa. According to PAPSS officials, the solution is designed to ease liquidity constraints for participants and improve access to financial services in underserved regions. 

Officials from Onafriq noted that the effort represents a continuation of the company’s 2022 agreement with PAPSS, with an emphasis on reducing the fragmentation of Africa’s payment systems. The programme also aims to monitor transaction volumes, user adoption trends, and the behaviour of exchange rates over the pilot period. 

Onafriq’s role includes providing access to its multi-channel payment infrastructure, which covers 43 markets in Africa. It connects mobile money platforms, banks, and agent networks, and facilitates services such as domestic and international money transfers, card issuing, and treasury management. 

This latest step reinforces previous commitments by both entities to advance the goals of the African Continental Free Trade Agreement (AfCFTA), with PAPSS acting as one of the key mechanisms for simplifying trade-related payments.