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Events / Nigeria-Ghana Wallet-Based Payments...
Business payment system launch

Nigeria-Ghana Wallet-Based Payments Pilot Launched

Analysis based on 12 articles · First reported Feb 03, 2026 · Last updated Feb 04, 2026

Sentiment
70
Attention
4
Articles
12
Market Impact
Direct
Live prominence charts, article sentiment distribution, and event development timeline available on the NewsDesk Dashboard
Market Impact

The launch of this payment corridor is expected to positively impact financial markets by reducing transaction costs and settlement times for intra-African trade, particularly benefiting SMEs. It also lessens reliance on hard currencies, potentially stabilizing local currencies like the Nigeria===Nigerian naira and fostering greater regional economic integration.

Financial Services E-commerce Logistics
Event Summary

Onafriq and the Pan-African Payment and Settlement System (PAPSS) have partnered to pilot Africa's first wallet-based outbound payment corridor from Nigeria to Ghana. Approved by the Nigeria===Central Bank of Nigeria, this service allows individuals, merchants, and traders to send money instantly in Nigeria===Nigerian naira, eliminating the need for hard currency conversion. The six-month pilot, starting December 1, aims to reduce barriers to cross-border trade, lower transaction costs, and improve liquidity for small and medium-sized enterprises (SMEs). Onafriq provides the mobile money infrastructure, connecting over one billion mobile wallets, while PAPSS brings a network of over 160 commercial banks and 400 million bank accounts across 19 African countries. This collaboration bridges the gap between mobile money and traditional banking ecosystems, supporting the African Continental Free Trade Area (AfCFTA) mandate by facilitating tariff-free trade and reducing Africa's dependence on the U.S. dollar for intra-regional transactions. The initiative builds on a successful Ghana-to-Nigeria payment corridor launched earlier, establishing a bidirectional flow between the two largest economies in West Africa.

Key Actions
90 Onafriq launched wallet-based outbound payments pilot Ghana
85 Nigeria began piloting cross-border payment corridor Ghana
80 Nigeria===Central Bank of Nigeria approved pilot service Onafriq
Entities Involved
priv
Onafriq
Onafriq has partnered with PAPSS to launch Africa's first wallet-based outbound payments from Nigeria to Ghana, facilitating instant transactions in Nigeria===Nigerian naira. This initiative expands Onafriq's mobile money ecosystem and strengthens its position in cross-border payments.
Importance 90 Sentiment 75
cnt
Nigeria
Nigeria is the originating country for the pilot program, allowing its citizens and businesses to send money to Ghana in Nigeria===Nigerian naira, reducing reliance on hard currencies and easing trade frictions. This initiative helps address Nigeria's foreign exchange shortages and currency volatility.
Importance 80 Sentiment 60
cnt
Ghana
Ghana is the recipient country for the pilot program, enabling its citizens and businesses to receive payments from Nigeria instantly in Nigeria===Nigerian naira. This strengthens the trade corridor between Ghana and Nigeria.
Importance 80 Sentiment 60
curr
Nigeria===Nigerian naira
The Nigeria===Nigerian naira is the currency used for the wallet-based outbound payments from Nigeria to Ghana, eliminating the need for hard currency conversion. This initiative aims to reduce transaction costs and improve liquidity for businesses.
Importance 70 Sentiment 65
cbnk
Nigeria===Central Bank of Nigeria
The Nigeria===Central Bank of Nigeria approved the pilot service, demonstrating its support for initiatives that ease cross-border trade and reduce reliance on foreign currencies. This aligns with its efforts to manage foreign exchange shortages.
Importance 70 Sentiment 60
alliance
African Continental Free Trade Area
The partnership between Onafriq and PAPSS supports the operationalization of the AfCFTA mandate, which aims to drive tariff-free trade among its 54 member states. This payment system helps address the weak payment infrastructure that has hindered AfCFTA's goals.
Importance 60 Sentiment 70
per
Mxolisi Msutwana
Mxolisi Msutwana, Managing Director Anglophone West Africa at Onafriq, highlighted the importance of collaboration in unlocking seamless connections between banking and mobile money ecosystems to open bi-directional trade corridors.
Importance 40 Sentiment 60
+ 1 more entities View on Dashboard
Relationships
Nigeria===Central Bank of Nigeria related ↔ Onafriq
Mxolisi Msutwana related ↔ Onafriq
Onafriq related ↔ Nigeria
Onafriq related ↔ Ghana
Nigeria related ↔ Ghana
Nigeria related ↔ Nigeria===Central Bank of Nigeria
Ghana related ↔ Nigeria===Central Bank of Nigeria
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