The Bank of Ghana is extending the Pan-African Payment and Settlement System (PAPSS) to mobile wallets along the Ghana-Nigeria corridor. This initiative opens up new perspectives for regional trade.
It will henceforth allow mobile money users to conduct cross-border payments directly in local currency, without needing to route through the dollar or rely on correspondent banks outside the continent. The Governor of the Bank of Ghana, Dr.
Johnson Pandit Asiama, unveiled this development during a high-level meeting dedicated to digital payment innovation, held on 13 October in Bangkok, on the sidelines of the annual meetings of the International Monetary Fund (FMI) and the World Bank Group. Until now, the PAPSS system operated primarily for bank-to-bank settlements, which severely limited its reach among unbanked actors who conduct the majority of daily commercial transactions.
Connecting electronic wallets is thus intended to broaden access. According to the example provided by the Governor, a merchant based in Accra could now instantly settle a supplier in Lagos in local currency, without a foreign financial intermediary or conversion into a third-party currency.
See also- The BEAC joins the pan-African payment system PAPSS. The opening of the PAPSS to mobile money is part of a broader experimentation process on the Ghana–Nigeria and Ghana–Rwanda corridors.
The Bank of Ghana is testing interoperability between bank accounts, mobile wallets, central bank digital currencies (MNBC), and stablecoins. Thus, the institution intends to evolve these pilot projects into fully operational services by leveraging existing infrastructures, notably the PAPSS, rather than by creating new systems.
In parallel, the Bank of Ghana is validating these financial innovations within its Regulatory Sandbox. This secure and controlled testing environment allows innovative companies to test their solutions in real-world conditions while ensuring regulatory compliance and consumer protection.
See also- AfCFTA: The PAPSS, the payment system in African currencies, is operational! For the Bank of Ghana, the development of digital payments is also aimed at stimulating financial inclusion.
According to the figures presented by the Governor, 81% of Ghanaian adults have access to financial services, but this proportion falls to 52,7% if one considers effective use and the quality of services. Furthermore, credit to the private sector represents approximately 10% of the gross domestic product (PIB).
Digital tools must therefore foster access to savings, credit, insurance, and investment. The digital boom is, however, accompanied by increased risks, with fraud cases having risen by 48% in 2025 despite an overall value at risk that has remained stable.
To respond to this, the Bank of Ghana is applying a revised directive on cybersecurity, extending its Financial Sector Security Operations Centre (FICSOC) beyond universal banks, and preparing guidelines on the safe use of generative artificial intelligence. Finally, regional integration requires the harmonization of rules applicable to fintechs.
The Bank of Ghana is highlighting the licensing passport framework developed with the National Bank of Rwanda to eliminate redundant approvals, while pursuing discussions with more than ten countries to extend this approach to the continental scale. Anselme Akéko Published on 21/10/26 13:36 The Editorial Staff