eTranzact Ghana is proud to announce a significant enhancement to the XCEL Ghana Super App with the integration of the Pan-African Payment and Settlement System (PAPSS). This integration enables users to send money instantly and securely to recipients in twelve African countries – directly from their mobile devices.
This new feature simplifies cross-border transactions, eliminates the traditional reliance on intermediary banks, and significantly reduces the cost and time associated with sending money across African borders. Whether you are a business transacting with suppliers, an individual supporting family, or a trader operating under the African Continental Free Trade Area (AfCFTA), XCEL’s PAPSS integration is a critical tool for financial connectivity.
Understanding PAPSS
PAPSS is a centralized payment and settlement system developed by the African Export-Import Bank (Afreximbank) in collaboration with regional central banks. It is designed to facilitate real-time, cross-border payments between African countries, allowing transactions to be completed in local currencies without the need for conversion into foreign exchange.
Historically, cross-border payments within Africa have been routed through external financial systems, resulting in high fees, foreign exchange complications, and lengthy processing times. PAPSS addresses these challenges by linking African payment systems and enabling direct settlement in local currencies across participating countries.
Through PAPSS, central banks oversee the flow of funds, while Afreximbank manages net settlements between countries. This structure enhances trust, reduces dependence on foreign currencies, and supports a more integrated continental economy.
Solving a Real Problem in African Payments
Traditional African cross-border payments face multiple challenges:
- Transactions can take several days to complete due to routing through international banks.
- High transaction costs due to multiple intermediaries and foreign exchange fees.
- Dependence on USD or EUR, even for payments between two African countries.
- Limited access for small businesses and individuals.
By leveraging PAPSS, these issues are mitigated. Payments are processed quickly and locally, cutting costs, improving efficiency, and expanding financial inclusion across the continent.
How XCEL Ghana Enhances the PAPSS Experience
With the integration of PAPSS, the XCEL Ghana Super App now allows users to send funds across twelve African countries using their mobile wallets, bank accounts, or XCEL virtual accounts. All transfers are initiated in Ghana Cedis, and recipients receive the equivalent value in their own local currency.
Key Benefits on XCEL:
- Instant Transfers: Payments are processed in near real-time.
- Local Currency Settlement: Funds are sent in Ghana Cedis and automatically converted to the recipient’s local currency with full value transparency before confirmation.
- Low Flat Fee: Users pay a flat fee of $5 per transaction, regardless of the amount sent.
- Secure and Regulated: Transactions are supervised by the Bank of Ghana and Afreximbank, ensuring regulatory compliance and safety.
Supported Countries:
Users can now send money from Ghana to the following countries:
Nigeria, Uganda, Liberia, Gambia, Rwanda, Malawi, Zambia, Kenya, Guinea, Zimbabwe, Sierra Leone, and Ghana itself.
How to Send Money via PAPSS on XCEL
- Open the XCEL Ghana Super App.
- Navigate to the “Transfer” section and select “PAPSS Transfer.”
- Choose the destination country.
- Enter the recipient’s bank and account number.
- Wait for the recipient’s name to be confirmed.
- Enter the amount in Ghana Cedis.
- Confirm the transaction with your PIN.
- Receive instant confirmation and a receipt of payment.
A Step Toward a More Connected Africa
This integration is not just a technical upgrade; it is a strategic step toward greater economic inclusion and intra-African cooperation. By enabling fast, affordable, and transparent money transfers across borders, XCEL Ghana and PAPSS are supporting the goals of the AfCFTA and empowering individuals and businesses to thrive in an increasingly connected African market.
Get Started
To take advantage of this new feature, download the XCEL Ghana Super App from the Google Play Store or Apple App Store. For more information about the app and its full range of services, visit https://xcelghana.com.
