Onafriq, in collaboration with the Pan-African Fee and Settlement System (PAPSS), introduced the launch of a brand new cross-border cost service that can initially pilot outbound transactions in Ghana. This launch operationalises the partnership established in 2022, geared toward selling intra-African cross-border commerce and enhancing monetary inclusion. The service improves monetary interoperability by making transactions quicker, extra handy, and cost-effective for small and medium-sized enterprises (SMEs) and people.
Efficient instantly, banks partnering with PAPSS and Onafriq’s authorised fintech, cell cash service suppliers and conventional companions in Ghana can allow their prospects to ship and obtain cash straight into cell wallets and financial institution accounts. This pioneering service goals to deal with the prevailing challenges of excessive transaction prices and opaque trade charges, whereas additional integrating casual cross-border transactions into the formal cost methods. The first emphasis of this new service can be on SME and retail transactions.
As a part of this pilot, Onafriq is leveraging PAPSS infrastructure and regulatory protection to supply its fintech, cell cash, and conventional companions in Ghana unparalleled entry to cross-border cost capabilities. By collaborating on this association, these companions profit from the safeguards and effectivity of PAPSS’s framework. The African Export-Import Financial institution (Afreximbank) serves because the settlement entity, guaranteeing trusted and well timed settlement between events.
Dare Okoudjou, Founder and CEO of Onafriq, stated, “We’re excited to be taking one other step in operationalising our vital partnership with PAPSS to deliver this modern cross-border cost answer to our customers. This service is not only about comfort; it brings individuals collectively and enhances financial exercise between Ghana and the area. We’re devoted to creating monetary companies accessible to everybody and are proud to be on the forefront of this transformation. African borders are beginning to matter much less; that is Onafriq’s objective.”
Mike Ogbalu III, CEO of PAPSS, echoed this enthusiasm, saying, “As we speak marks a big milestone in our journey in direction of a extra built-in monetary panorama in Africa. Our partnership with Onafriq represents a dedication to empowering SMEs and people by simplifying cross-border transactions. We consider this service will assist cut back the liquidity burden on contributors whereas fostering monetary inclusion throughout the area.”
The six-month pilot program – permitted by the Financial institution of Ghana (BoG) – will enable Onafriq and PAPSS to evaluate transaction flows, person adoption, and international trade efficiency whereas delivering higher charges and extra accessible companies to prospects.
This launch deepens the long-standing collaboration between Onafriq and PAPSS and reinforces their shared dedication to constructing infrastructure that empowers African companies, people, and monetary establishments throughout the continent. The service will quickly be accessible on cell cash and different fintech primarily based wallets.
Mike Ogbalu III, CEO of PAPSS
About Onafriq
Onafriq is an omnichannel community of networks, making borders matter much less by offering our companions with a single pathway to unlock the complete energy of cross-border and cross-platform cost options. With a community spanning 43 African markets, Onafriq connects over 1 billion cell cash wallets, 500 million financial institution accounts, and over 400,000 brokers in Nigeria, enabling home and cross-border disbursements and collections, card issuing and processing, company banking, and treasury companies.
At Onafriq, we deliver collectively international and regional enterprises, cell community operators, cash switch operators, banks, fintechs, international growth organizations, and on-line and offline retailers. With top-notch regulatory and compliance capabilities and a strong regional presence encompassing 10 places of work in Africa, in addition to places within the UK, US, and China, we’re paving the best way for a brand new period of entry for individuals throughout the African continent and past. Be taught extra at onafriq.com.
About PAPSS
The Pan-African Fee and Settlement System – PAPSS is a centralised Monetary Market Infrastructure that allows the environment friendly stream of cash securely throughout African borders, minimising threat and contributing to monetary integration throughout the areas. PAPSS works in collaboration with Africa’s central banks to supply a cost and settlement service to which business banks and licensed cost service suppliers throughout the area can join as ‘Members’. Afreximbank and the African Union (“AU”) first introduced PAPSS on the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, due to this fact adopting PAPSS as a key instrument for the implementation of the African Continental Free Commerce Settlement (AfCFTA). Additional, in its thirteenth (thirteenth) extraordinary session, held on December 5, 2020, the meeting of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, amongst others, work on the Pan-African Funds and Settlements System (PAPSS). The thirty fifth Unusual Session of the Meeting of the AU additional directed the AfCFTA and Afreximbank to deploy the system to cowl the whole continent. PAPSS was formally launched in Accra, Ghana, on January 13, 2022, thus making it accessible to be used by the general public.
