Onafriq and PAPSS Launch Cross-Border Payment Service Test Phase in Ghana
The pilot phase of the launch will run for 6 months to evaluate adoption, transaction flow, and FX performance, needed for expansion plan.
Temmy Samuel
Onafriq and PAPSS Launch Cross-Border Payment Service Test Phase in Ghana
Onafriq, Africa’s leading digital payments network, and the Pan-African Payment and Settlement System (PAPSS) have launched a test phase for a new cross-border payment service in Ghana. The test phase means they've started with outbound transactions which marks the operational debut of their partnership in 2022. The partnership is aimed at boosting intra-African trade and financial inclusion. The testing phase of the cross-border payment was approved by the Bank of Ghana (BoG), and it's scheduled to run for six months, enabling Ghanaian to send and receive money to mobile wallets and bank accounts across Africa in their local currencies. So, banks, mobile money operators, fintech companies, and Onafriq’s partners and agent networks connected to PAPSS in Ghana can now facilitate direct transfers to mobile wallets or bank accounts across African borders. The purpose of launching this service is that it'll help retailers and SMEs to carry out cheap and transparent financial trans…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
