Onafriq partners with payment tokenisation firm VGS

According to the companies, the partnership will drive growth of digital financial services, including mobile money transactions, and cross-border remittances.

This partnership is consistent with Alviere and Onafriq's goals of providing critical access to financial services, according to the companies.

According to the company, Onafriq evokes the concept of One Africa.

The funds will be used for further product development and expansion into new markets.

The event will be hosted in partnership with pan-African mobile gateway company MFS Africa, with support from Mastercard.

The collaboration bridges the gap between digital payment platforms and card-based transactions, giving InTouch customers access to cross-border transactions.

The company received the top accolade at the African Banker Awards, after being recognised for outstanding contributions to Africa’s fintech industry.

Last year, African blockchain startups outpaced the rest of the world by raising $474 million, marking a staggering 429% year-on-year increase in funding.

Through this partnership, MFS Africa will be expanding Access Bank’s instant outbound remittance reach to potentially 400 million mobile wallets.

The new capital raised will be deployed to secure operational licensing in the United Kingdom and Canada, while building out operations in the United Kingdom.

Companies announce partnership as mobile money continues on growth trajectory across Africa.