Onafriq, in collaboration with the Pan-African Payment and Settlement System (PAPSS), has announced the launch of a new international payment service focused on Ghana.
Launch of the New Transaction Service
The service is designed to optimize transaction processes between African countries. Future plans include simplifying financial operations for small and medium-sized enterprises (SMEs) and individual citizens. Banks partnering with PAPSS and Onafriq will be able to participate in this project, facilitating easier money transfers and reception.
Goals and Features of the Pilot Program
The pilot program aims to reduce transaction costs and improve exchange rate transparency. The service will focus on providing timely and cost-effective financial services to SMEs and retail clients, while integrating informal transactions into formal payment systems.
Statements from Company Leaders
Dare Okoudjou, Founder and CEO of Onafriq, stated: “We are excited to advance our important partnership with PAPSS. This service not only simplifies user experience but also enhances economic activity between Ghana and the region.”
Mike Ogbalu III, CEO of PAPSS, emphasized: “Today marks a significant milestone in our journey toward a more integrated financial landscape in Africa. We believe this service will help reduce the liquidity burden on participants while fostering financial inclusion across the region.”
The launch of the cross-border payment service marks a significant step in enhancing financial interactions and supporting SMEs in Africa. The project underscores the importance of collaboration in building an effective financial infrastructure on the continent.
