Onafriq aids Ghanaian SMEs to expand mobile money, bank payments

Mr. Dare Okoudjou, Founder and Chief Executive Officer(CEO) of Onafriq, says the platform has the potential to connect mobile money and bank accounts across 54 African countries.

He stated that by leveraging the digital infrastructure of the Pan-African Payment and Settlement System (PAPSS), the Onafriq system will enable Small and Medium-sized Enterprises (SMEs) in Ghana to use their mobile money and bank accounts to make and receive payments from all 54 African countries.

The CEO made this disclosure during a high-level meeting between Onafriq, PAPSS, and other key stakeholders within Africa and Ghana’s payment landscape.

The meeting also served to validate the successful pilot of the Onafriq platform, which facilitated cross-border payments between Ghana and Nigeria.

Mr. Okoudjou noted that following this successful pilot, Onafriq is well-positioned to ensure and promote cross-border payments via both mobile money and bank-to-bank accounts.

He further revealed that Onafriq is already present in 43 countries, which will significantly streamline the extension of the piloted system between Ghana and Nigeria to other African nations.

He highlighted that the platform will facilitate both mobile money wallet-to-wallet and bank account-to-bank account transfers, thereby enhancing seamless payments for SMEs across the African continent.

Mr. Mike Ogbalu, Chief Executive Officer of the Pan-African Payment and Settlement System (PAPSS), emphasised the ongoing payment revolution across Africa, which could further boost the continent’s trade.

He noted that since PAPSS’s inception in the African payment landscape, over 150 commercial banks in 16 countries have been successfully connected, with an average transaction time of seven seconds.

Mr. Ogbalu stated that through strategic collaborations with fintechs like Oneafriq, mobile money and bank accounts of SMEs can easily facilitate payments, positioning the continent as a hub of trade and commerce globally.

He added that this partnership will empower businesses to trade in local currencies, reducing costs and accelerating inventory turnover, thereby boosting trade on the continent.

According to the CEO, the success of this partnership lies in increased trade volumes, reduced transaction fees, improved working capital for businesses, and a more integrated, prosperous African continent.

Africa’s cross-border payment systems have historically faced significant hurdles, including fragmented currencies, high transaction costs, and regulatory complexities, which have made trade among countries difficult.

Mr. Okoudjou affirmed that the Oneafriq platform was set to address these significant challenges of high transaction costs and currency volatility that have hampered cross-border payments in Africa.

GNA