Designed to enhance intra-African financial transactions, this service connects bank accounts and mobile money wallets within Ghana and across borders via PAPSS’s infrastructure, which supports real-time settlements in local currencies. The African Export-Import Bank (Afreximbank) will play a crucial role in managing risks and ensuring timely processing.
Currently, Ghana stands as the first host of this pilot, with plans to broaden its reach through both fintech and traditional financial service providers under Onafriq’s network.
Targeting Low-Value Transactions
The pilot focuses on low-value retail and small business transactions, areas often constrained by high fees and non-transparent exchange rates. By enabling transfers between bank accounts and mobile wallets, the system aims to facilitate the formalization of informal cross-border trade, especially in West Africa.
According to PAPSS officials, this solution is intended to alleviate liquidity constraints for users and improve access to financial services in underserved regions. Onafriq’s role includes leveraging its multi-channel payment infrastructure covering 43 markets across Africa, connecting mobile money platforms, banks, and agent networks.
This initiative aligns with the objectives of the African Continental Free Trade Agreement (AfCFTA) by simplifying trade-related payments.