Banking
Onafriq, PAPSS to Launch Wallet-Based Outbound Payments from Nigeria to Ghana
By Modupe Gbadeyanka
A platform to enable cross-border intra-Africa payments for individuals, merchants, and traders in Nigeria and Ghana is being designed by Onafriq Nigeria Payments Limited in partnership with the Pan-African Payment and Settlement System (PAPSS).
The platform, currently in its pilot stage, is the first wallet-based outbound payments scheme, which is fully in Naira and instant, without relying on hard currency conversion.
The parties are working together with banks and mobile money operators in the West Africa nations.
The Central Bank of Nigeria (CBN) has already approved this initiative, which will benefit small and medium enterprises (SMEs), the real engine of intra-African trade, as they will now have access to a faster, cheaper way to reach customers and suppliers across the border.
By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From December 1, this service will be fully operational for a 6-month period.
Through the partnership with PAPSS, Onafriq, which is a CBN licensed payment service provider, is supporting the operationalization of the Africa Continental Free Trade Area (AfCFTA) mandate. The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets.
Meanwhile, PAPSS brings a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation. The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.
Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries. With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.
This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.
“Our work with PAPSS shows what collaboration at scale can unlock—seamless, secure connections between banking systems and mobile money ecosystems. This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one,” the Managing Director for Anglophone West Africa, Mxolisi Msutwana, said.
The Chief Information Officer for PAPSS, Ositadimma Ugwu, added, “Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message. Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
