Onafriq & PAPSS Launch Cross-Border Payment Services in Ghana

Accra, Ghana, 20 June 2025 - Onafriq, in collaboration with the Pan-African Payment and Settlement System (PAPSS), announced the launch of a new cross-border payment service that will initially pilot outbound transactions 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. This pioneering service aims to address the existing challenges of high transaction costs and opaque exchange rates, while further integrating informal cross-border transactions into the formal payment systems. The primary emphasis of this new service will be on SME and retail transactions.

As part of this pilot, 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. 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.”

Mike Ogbalu III, CEO of PAPSS, echoed this enthusiasm, saying, “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.”

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.

This launch deepens the long-standing collaboration between Onafriq and PAPSS and reinforces their shared commitment to building infrastructure that empowers African businesses, individuals, and financial institutions across the continent. The service will soon be available on mobile money and other fintech based wallets.

About Onafriq

Onafriq is an omnichannel network of networks, making borders matter less by providing our partners with a single pathway to unlock the full power of cross-border and cross-platform payment solutions. With a network spanning 43 African markets, Onafriq connects over 1 billion mobile money wallets, 500 million bank accounts, and over 400,000 agents in Nigeria, enabling domestic and cross-border disbursements and collections, card issuing and processing, agency banking, and treasury services. 

At Onafriq, we bring together global and regional enterprises, mobile network operators, money transfer operators, banks, fintechs, global development organizations, and online and offline merchants. With top-notch regulatory and compliance capabilities and a robust regional presence encompassing 10 offices in Africa, as well as locations in the UK, US, and China, we are paving the way for a new era of access for people across the African continent and beyond. Learn more at onafriq.com.

About PAPSS

The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’. Afreximbank and the African Union (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA).

Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.