VALR, a cryptocurrency exchange, has teamed with Onafriq, a digital payments gateway, to allow users in 43 African markets to fund their accounts via mobile money.
According to the companies, the move intends to enhance financial inclusion by connecting established mobile payment methods like as M-PESA and MTN Mobile Money to global crypto markets and tokenised real-world assets.
VALR says it is positioning itself to attract a user base that is currently underserved by traditional financial institutions by providing a direct on-ramp.
By integrating Onafriq's network of roughly one billion wallets, the two companies say they are enabling direct local-currency deposits for digital assets, circumventing traditional banking barriers.
This integration is reported to be in response to mobile money's dominance in Sub-Saharan Africa, where the sector contributed approximately $190 billion to regional GDP by 2023.
In markets like Kenya and Nigeria, mobile wallets are often the primary financial tool, outstripping credit card usage.
"By enabling direct connections in local currencies, we offer millions a practical pathway to Bitcoin and innovative financial tools," said VALR CEO Farzam Ehsani.
The partnership enters a highly competitive landscape.
VALR, which serves 1.7 million users, faces pressure from global giants like Binance and local rivals such as Luno, all vying for a share of Africa’s growing crypto trade volume.
However, the use of stablecoins for all settlements within the Onafriq network provides a layer of stability and speed that could give VALR an edge in cross-border transactions.
Onafriq founder Dare Okoudjou added that the collaboration allows VALR clients to transact freely with businesses already on the network.
Share
