Product of the Day
New name comes to African mobile wallets
Onafriq is partnering with Alviere to enable payments and remittances from the USA to this continent.
African digital payments network Onafriq is to partner with embedded finance platform provider Alviere to enable payments and remittances from the United States to Africa.
Onafriq connects various payment schemes with more than 500-million mobile wallets, over 200-million bank accounts, and 400,000 small and medium enterprises (SMEs) in its network across Africa’s fast-growing yet fragmented payments ecosystem.
Cross-border payments are a critical lifeline for many African families and merchants, and Onafriq says it has made enabling financial access across borders a core part of the company mission.
According to the World Bank, remittance flows to sub-Saharan Africa alone reached $53-billion in 2022, demonstrating the persistent role of immigrants in the financial well-being of friends and family living in their home countries. Payment solutions provided by companies like Onafriq and Alviere are transforming traditional financial services and providing access to economic opportunities across the continent. This dovetails with the missions of Alviere and Onafriq to provide critical access to financial services.
Onafriq says it selected Alviere for its breadth of solutions, technical expertise and sound approach to regulation and compliance.
“Alviere is uniquely positioned among embedded finance providers to enable cross-border payments from the United States as a licensed money transmitter throughout the US and its territories,” it said in a statement. “Onafriq will leverage the Alviere HIVE platform and regulatory framework for processing payments originating from the US and its territories in strict compliance with Anti-Money Laundering (AML), sanctions, and fraud standards for U.S. financial institutions. This creates a seamless, safe, and secure experience for customers.”
Dare Okoudjou, founder and CEO of Onafriq, says: “With Alviere’s technology and regulatory coverage, and our extensive footprint across the continent, we will enable fast and secure remittances while facilitating financial access and economic prosperity for Africans.”
Alviere co-founder and CEO Pedro Silva says: “Onafriq is uniquely positioned to be a global leader in fintech, revolutionising cross-border payments throughout the African diaspora. Together, Onafriq and Alviere will enable a variety of efficient, competitive payment options for millions of consumers.”
