The pilot service, approved by the Central Bank of Nigeria (CBN), enables cross-border intra-Africa payments for individuals, merchants, and traders.

In particular, the service will benefit SMEs, the real engine of intra-African trade; all now have access to a faster, cheaper way to reach customers and suppliers across the border.

By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From the 1st of December, this service will be fully operational for a 6-month period.

Through the partnership with PAPSS, Onafriq is supporting the operationalization of  the AfCFTA (Africa Continental Free Trade Area) mandate.

The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets. Meanwhile, PAPSS brings  a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation.

The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.

Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries.

With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.

This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.

Mxolisi Msutwana, managing director Anglophone West Africa at Oneafriq, said,

“Our work with PAPSS shows what collaboration at scale can unlock; seamless, secure connections between banking systems and mobile money ecosystems. This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one.”

Ositadimma Ugwu, chief information officer, PAPSS, added

“Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message. Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”

This new Nigeria-to-Ghana outbound capability builds on the successful Ghana-to-Nigeria instant payments corridor launched earlier this year – further proof that Africa’s payments future is local, instant, and inclusive.

This launch operationalises the partnership established in 2022, aimed at promoting intra-African cross-border trade and enhancing financial inclusion.

The service improves financial interoperability by making transactions faster, more convenient, and cost-effective for small and medium-sized enterprises (SMEs) and individuals.

Effective immediately, banks partnering with PAPSS and Onafriq’s authorised fintech, mobile money service providers and traditional partners in Ghana can enable their customers to send and receive money directly into mobile wallets and bank accounts.

This pioneering service aims to address the existing challenges of high transaction costs and opaque exchange rates, while further integrating informal cross-border transactions into the formal payment systems. The primary emphasis of this new service will be on SME and retail transactions.

As part of this pilot, Onafriq is leveraging PAPSS infrastructure and regulatory coverage to offer its fintech, mobile money, and traditional partners in Ghana unparalleled access to cross-border payment capabilities.

By participating in this arrangement, these partners benefit from the safeguards and efficiency of PAPSS’s framework.

The African Export-Import Bank (Afreximbank) serves as the settlement entity, ensuring trusted and timely settlement between parties.

Dare Okoudjou, founder and CEO of Onafriq, said,

“We are excited to be taking another step in operationalising our important partnership with PAPSS to bring this innovative cross-border payment solution to our users. This service is not just about convenience; it brings people together and enhances economic activity between Ghana and the region. We are dedicated to making financial services accessible to everyone and are proud to be at the forefront of this transformation. African borders are starting to matter less; this is Onafriq’s goal.”

Mike Ogbalu III, CEO of PAPSS, echoed this enthusiasm, saying,

“Today marks a significant milestone in our journey towards a more integrated financial landscape in Africa. Our partnership with Onafriq represents a commitment to empowering SMEs and individuals by simplifying cross-border transactions. We believe this service will help reduce the liquidity burden on participants while fostering financial inclusion across the region.”

The six-month pilot program – approved by the Bank of Ghana (BoG) – will allow Onafriq and PAPSS to assess transaction flows, user adoption, and foreign exchange performance while delivering better rates and more accessible services to customers.

This launch deepens the long-standing collaboration between Onafriq and PAPSS and reinforces their shared commitment to building infrastructure that empowers African businesses, individuals, and financial institutions across the continent.

The service will soon be available on mobile money and other fintech based wallets.

Starting as a mobile money switch, Onafriq has transformed into a full omnichannel payments network. It facilitates cross-border disbursements, collections, card issuance and processing, offline agent banking services, and FX & treasury services.

At its core, Onafriq is providing digital interoperability across mobile wallets, bank accounts, cards, and offline payment channels – bringing Africa closer to a seamless and integrated financial future.

“We remain fully committed to connecting every individual and business in Africa with each other and the world,” said Dare Okoudjou, founder and CEO of Onafriq. “Fifteen years ago, we set out with a bold ambition: to connect Africa’s mobile money systems and make borders matter less. What we’ve built since then is more than a network – it’s a pan-African infrastructure layer that has evolved in lockstep with the continent’s digital evolution. From mobile money to bank accounts, from remittances to real-time trade – we’ve grown as Africa has grown. I’m incredibly proud of what we’ve achieved and even more excited about the road ahead.”

From Mobile Wallet Interoperability to Omnichannel Infrastructure

Over the past 15 years, Onafriq has progressed from simply connecting mobile wallet schemes to a comprehensive interoperability layer for African finance, supporting various use cases from peer-to-peer transfers and merchant collections to card issuance, agency banking, and remittances.

Today, Onafriq’s network connects:

• 961 million registered mobile wallets
• 464 million registered bank accounts
• More than 2,000 cross-border payment corridors

This robust infrastructure has facilitated access and usage across the continent, enabling everyone from rural beneficiaries of social payments to global fintechs operating in Africa.

Looking Ahead

As Onafriq embarks on its next chapter, the company aims to develop a network with greater local relevance while maintaining the scale of its pan-African infrastructure.

“We are increasingly focused on creating infrastructure with local depth,” said Okoudjou. “A prime example is Nigeria, where we are developing a unique payments stack that combines the strength of our cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies. By building infrastructure that reflects local context, we can enable more relevant use cases – moving beyond large numbers of registered mobile money wallets to foster an ecosystem where usage is active, sustained, and impactful.”

“With our relentless focus on building the foremost pan-African cross-border payment network, we continue to invest in creating infrastructure with local depth,” said Okoudjou. “A prime example is Nigeria, where we are developing a unique payments stack that combines the strength of our cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies. By building infrastructure that reflects local context, we can enable more relevant use cases to foster an ecosystem where usage is active, sustained, and impactful.”

Onafriq is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments – a crucial step towards real-time, interoperable trade across African currencies.

These innovations align with the objectives of the African Continental Free Trade Area (AfCFTA) and are designed to help Africa bypass outdated payment systems in favour of a modern, mobile-first financial ecosystem.

With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity – both across borders and within local communities.

This collaboration marks a significant step towards compliantly leveraging stablecoins and blockchain infrastructure to boost Onafriq’s payment network, positioning it at the forefront of the digital payment’s revolution for real-world financial applications.

Currently, over 80 percent of intra-African payments are routed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or Euro.

This results in a staggering US$5 billion in transaction fees annually and undermines economic integration efforts.

Onafriq and Circle are working together to change this paradigm by piloting the use of USDC-powered settlement solutions into Onafriq’s network, which connects over 500 wallets and 200 million bank accounts in more than 40 African markets.

Dare Okoudjou, Onafriq’s founder and CEO, said:

“Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments. By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust. This collaboration underscores our vision to democratise access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments – we’re actively building it.”

Miriam Kiwan, vice president, Middle East & Africa at Circle, said:

“The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments. Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible. Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”

This collaboration is a major step toward a more inclusive and self-reliant pan-African financial system.

It signals a new phase in the modernisation of African payment rails – one where blockchain technology is applied responsibly, in lockstep with regulators and financial institutions, to build a faster, more efficient, and economically empowering future for the continent.

As the African Continental Free Trade Area Agreement (AfCTA) increasingly moves into the operational phase, it is becoming clearer that part of its success lies in ensuring that entrepreneurs and small businesses can effectively trade and receive payments across borders.

As the African Union has noted, the trade area will be the biggest since the World Trade Organization was formed in 1995.

Africa’s population is currently 1.2 billion people, a figure that is expected to reach 2.5 billion by 2050.

South Africa took its first step in making AfCTA a reality, when the now-former Minister of Trade, Industry, and Competition, then Ebrahim Patel, launched the implementation of the start of preferential trade this year. The South African Revenue Service also certified two consignments to Ghana and Kenya.

Yet, with trade expected to grow among members from the current between 15% and 18%, a safe way of moving money is required given the risk that cash presents. Some nine-tenths of transactions in sub-Saharan Africa are, based on World Bank information, in cash.

The large amounts of cash involved in trade are also cumbersome and difficult to physically transport between markets.

Card payments, part of the digital ecosystem, can enable efficient, secure, and transparent transactions that are essential for facilitating trade.

Card payments can eliminate the need for manual intervention and reconciliation when it comes to banking and bookkeeping. This, the World Bank states, makes them, on average, three times more cost-effective than conventional purchase order costs.

While mobile money payments have greatly improved Africa’s ability to make cross-border payments, they do not meet the full scope of needs of individuals or businesses.

As the United Nations points out, there are regulatory bottlenecks, while a lack of interconnectivity among mobile transactions in some countries means that people cannot transfer money across borders.

Moreover, limitations of infrastructure, accessibility, and interoperability make it difficult for their users to access the global digital economy. As a result, this type of cross-border payment can be limited.

There are solutions to these dilemmas. Prepaid cards can enable businesses and individuals to transact with global institutions and marketplaces without the need to own a bank account.

This option removes a pain point for a business that would otherwise need to accept local alternative payment methods or cash.

Navigating challenges like high fees, currency shocks and a lack of access to traditional banks can be simplified through prepaid cards. This makes them a pivotal instrument that enhances Africa’s connection to the global economy.

For example, one of our customers provides payroll solutions for seafarers and cruise ships, which frequently travel to different countries. Once the card is loaded, it is very convenient for a sailor to use it as one would a normal debit card and swipe to pay for purchases or transmit money across borders.

The beauty of this option is that whoever is loading the card with money, can be based anywhere in the world, with the same also being true of the person holding the card.

Prepaid cards can also be used to manage expenses because they can be provided to managers of, for example, a bookstore, who can then make independent decisions about business-related purchases, but only up to a certain amount.

This has the added advantage of speeding up operations as there are no lengthy delays across the company when it comes to acquiring stock, while it also goes some way towards eliminating fraud as the card has a set limit.

Larger companies with staff who travel extensively can also provide gratuities for their employees, who can then cover incidental expenses without having to dip into their own pockets or bring back paperwork to be reimbursed.

A platform that simplifies a user’s ability to transfer money to cards brings the AfCTA dream closer to reality.

The versatile power of prepaid cards can be used to promote free trade between countries and unite Africa’s fragmented payment landscape.

Prepaid solutions can aid businesses seeking to operate in other African countries to thrive – making AfCTA’s aim a reality and boosting economic growth for all.

[Featured Image Credit]

Baxi by Onafriq, a leading payment service provider; FairMoney Microfinance Bank and KongaPay, a licensed mobile money operator known for its seamless and secure payment solutions are now part of Zone’s expanding ecosystem.

Zone, a regulated blockchain network that enables payments and acceptance of regulated digital currencies, is Africa’s fastest-growing payment infrastructure company.

This development follows the company’s recent launch of its decentralized PoS Payment Gateway product, ZonePOS, and the strategic partnership with Nigeria Inter-Bank Settlement System (NIBSS) Plc to decentralise Payment Terminal Service Aggregator (PTSA) functions using Blockchain Technology.

This development builds upon the recent onboarding of some of Africa’s largest and most prominent financial institutions—First Bank, UBA, and Zenith Bank—to Zone’s regulated blockchain network.

The addition of Baxi, FairMoney and KongaPay demonstrates the applicability and appeal of Zone’s technology across various segments of the financial services industry.

Zone secured a payment switching and processing license from the Central Bank of Nigeria in 2022, making its payment infrastructure Africa’s first regulated blockchain network for payments.

By integrating with Zone’s regulated blockchain network, Baxi, FairMoney, and KongaPay will significantly enhance their payment processing capabilities, benefiting from:

1. Direct Transaction Routing: Eliminating intermediaries and reducing failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs.
2. End-to-End Transparency: Providing automatic reconciliation, which eliminates chargebacks and prevents chargeback fraud.
3. Same-Day Settlement: Delivering quicker value for successful transactions to financial institutions and their customers.

Obi Emetarom, CEO and co-founder of Zone, commented on the announcement:

“We are excited to welcome Baxi, FairMoney, and KongaPay to our network. Their integration is an important step in our journey to advance the payment landscape in Africa and beyond. It underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless, and universally interoperable payment experiences across various financial service verticals. As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem.”

This expansion of Zone’s network, coupled with its recent partnership with NIBSS to enhance Payment Terminal Service Aggregator (PTSA) operations using blockchain technology, demonstrates the growing acceptance and transformative potential of regulated blockchain in mainstream finance.

It sets a new standard for payment processing in Nigeria and potentially across Africa and other emerging markets, promising improved customer experiences and operational efficiency, along with reduced transaction costs, and enhanced financial inclusion.

Trust and security are foundational to financial services, and as cybercriminals continue to become more aggressive and sophisticated, addressing any vulnerabilities is key to safeguarding the integrity of Africa’s digital financial ecosystem.

In fact, Africa experienced the highest average number of cyberattacks per week per organisation in 2023 with a 23% increase compared to the previous year.

Africa’s digital financial ecosystem is still maturing, and as digital payments become more integrated across countries, regions, and more interoperable across payment platforms, this increasingly complex environment can introduce new cybersecurity vulnerabilities.

And, as in an interconnected landscape a single weak link can jeopardise the entire network, it is critical that the continent’s financial institutions, governments and decision-makers come together to collectively work towards establishing and maintaining baseline security standards across the industry.

This requires building meaningful partnerships with relevant stakeholders, substantial investment and greater harmonisation of regulations and policies across the continent.

The imperative for investment and standardised regulations

Several challenges hinder the attainment of robust cybersecurity in Africa. One of the primary issues is the lag in regulatory frameworks, while a lack of significant investment in security would lead to vulnerabilities within the continent’s financial sector being exploited.

Fortunately, investment in cybersecurity has seen a notable increase over the past five years, reflecting a growing recognition of its importance.

The rise of artificial intelligence (AI) and sophisticated cyber threats has driven firms to allocate more resources towards cybersecurity. And digital payment networks like Onafriq have strengthened their security posture by investing in intelligent tools that predict and proactively address potential threats.

Despite these advancements, there remains a disparity in investment levels across the continent. Ensuring that all financial institutions can meet necessary security standards requires coordinated efforts and substantial capital.

This includes investing in state-of-the-art technology and continuous monitoring systems to detect and prevent malicious activities.

Additionally, regulators play a crucial role in setting and enforcing security standards. And yet the pace of regulatory development often falls behind the speed of innovation in the fintech space.

Harmonising regulations across different African countries is essential to create a consistent and secure environment for digital payments by adopting best practices and global standards.

This is necessary to avoid fragmentation of the digital payments landscape while effective enforcement of these standards is vital to maintaining a secure financial ecosystem.

A need for cybersecurity skills and a security first culture

A truly secure payments environment requires buy-in from every part of the ecosystem’s value chain, including the end user.

Not only must financial institutions adopt a security-first approach, embedding robust security measures into every aspect of their operations, but educating users about security practices is just as crucial.

As digital payments become more prevalent, financial institutions must design products with built-in security features and continuously educate users on safe practices.

This includes secure PIN usage, recognizing phishing attempts, and safeguarding personal information.

For example, Onafriq exemplifies this approach by ensuring that security is a priority from the design stage.

By securing networks, protecting sensitive data, and conducting regular third-party audits, we have been able to maintain a strong security record.

This proactive stance is essential for preventing breaches and ensuring customer trust.

More than this, there is a growing need to build the cybersecurity capacity needed to sustain the digital payments landscape.

Africa faces a shortage of skilled cybersecurity professionals, which hampers the ability to address emerging threats effectively.

In fact, a cybersecurity assessment conducted by the African Union Commission and the United Nations Development Programme found that African countries had a cybersecurity competence of 0.21 out of 1 with more than 70% of African nations requiring additional cybersecurity infrastructure.

Financial institutions and governments must invest in training programs, internships, and continuous education to develop a skilled workforce capable of managing cybersecurity challenges.

But, retaining talent within Africa also remains a significant issue. Many trained professionals seek opportunities abroad, exacerbating the skills gap.

Addressing this requires creating conducive environments that offer competitive opportunities and career growth within the continent.

Cybersecurity is a cornerstone of Africa’s digital payments landscape. To achieve a secure and resilient financial sector, Africa must invest in robust cybersecurity infrastructure, foster regulatory harmonisation, and prioritise collaborative efforts among financial institutions.

By addressing these challenges, Africa can build a secure digital payments ecosystem that supports economic growth and instils trust among users.

This is opening a number of new opportunities for economic growth and development as more robust and connected payment networks are breaking down geographical barriers, opening up access to new markets and enabling anyone to send and receive payments quickly and easily from and to anywhere in the world.

However, these significant benefits are largely being realised and felt in Africa’s larger, and key, markets such as Nigeria, South Africa, and of course Kenya- where mobile money was first launched and popularised on the continent.

While these markets have reached greater levels of digital payments maturity, smaller and more underdeveloped markets are often passed over, leaving many still excluded from economic participation and financial freedom.

And yet, the truly transformative power of mobile money and digital payments can be most realised in these overlooked economies where the reliance on cash, a lack of traditional bank accounts due to limited infrastructure and access, and the substantial penetration of smartphones and increasing internet connectivity has created the ideal confluence of circumstances that will pave the way for a more inclusive and resilient financial future.

Realising the enabling power of digital payments

The biggest drivers of mobile money adoption in Africa is its accessibility and ease of use. Unlike traditional financial services, there’s largely no need for extensive paperwork, a credit and financial history, or a physical presence within a brick-and-mortar branch in order to gain access to these services.

This low barrier to entry, along with mobile money’s ability to enable economies beyond just transactions and empower both individuals and enterprises, makes it particularly impactful for underserved markets.

Within these regions, mobile money and the digital payments ecosystem has the power to serve as catalysts for economic growth, poverty reduction, and enable marginalised communities with the financial freedom to manage their day-to-day lives, start or expand their businesses, and invest in their futures.

A concerted effort towards a single goal

It’s important that all levels of an economy work towards achieving the crucial objective of financial inclusion.

Collaboration is a key component in creating and maintaining an environment that creates more opportunities for inclusive growth and ensures economic resilience.

Not only do governments play a pivotal role in developing and implementing the policies and regulations that foster a supportive framework for financial services, but investment from both the public and private sectors are essential to building the necessary digital payments infrastructure that will underpin financial inclusion on the continent.

Meanwhile, fintech firms can continue to drive innovation in this space that will achieve the desired convenience, speed and accessibility within the payments space.

We can see this value already starting to be realised across smaller markets like Eswatini where the Central Bank established a FinTech unit to spearhead the development of digital payments in the country in 2018, in South Sudan where the introduction of mobile money in 2017 has enabled development organisations to distribute cash assistance securely, and Somalia which recently enabled digital payments to be made between the country’s banks, making payments easier.

And, in Ethiopia, non-banks were enabled to provide mobile money services in 2020 as mobile money services could lift 700 000 people out of poverty, add $5.3 billion to the country’s economy, increase tax revenue by $300 million, and essentially position the country to adapt to economic downturns according to the GSMA’s 2023 Mobile Money in Ethiopia report.

Recognising this period as a key moment in the country’s transformation into a financially inclusive economic powerhouse, Onafriq has also strengthened its presence in Ethiopia through a number of partnerships with financial institutions, mobile network operators, and other key decision makers.

This includes partnerships with Ethio telecom and M-PESA Safaricom to enhance and streamline remittance flows and address the shortage of forex while providing customers with much-needed funds.

It’s clear then that when all these elements work in harmony, they can break down barriers to financial access, enabling people and businesses to participate more fully in the economy, thus driving sustainable development and economic growth in these underserved regions.

And, investing in these smaller, underserved markets – which represent a significant portion of the continent’s population – is simply integral to realising true financial inclusion across Africa.

When everyone is able to access financial services we can foster inclusive growth, stimulate local economies and open up access to new markets and opportunities, connecting the continent through sustainable economic development.

This partnership marks the culmination of a longstanding relationship between the two entities, with VGS serving as Onafriq’s trusted partner for PCI compliance and payment features.
As a universal token vault provider, VGS specializes in securely collecting and storing payment card information on behalf of its clients, thus shielding them from PCI compliance liability and the inherent risks associated with handling sensitive data.

This collaboration has empowered Onafriq and its fintech clientele to operate with enhanced security and peace of mind while focusing on driving innovation and delivering superior financial services to their customers.

This partnership brings with it a host of important developments. Onafriq is set to implement VGS’s card reveal capability for its new “Credential Show” feature, which will apply to virtual cards and other card issuance features specifically tailored to fintech providers in Africa and the Middle East.

The “Credential Show” feature is enabled for fintechs and financial institutions when they opt for this capability, together with card issuing APIs offered by Onafriq.

This is where Onafriq and VGS securely collect and store PAN (Primary Account Number) data and display a complete card number, expiration date, and CVV to end-users upon their request.

The process insulates Onafriq’s fintech clients from coming under compliance scope while offering user self-serve options and reducing customer service needs.

Moreover, VGS and Onafriq are committed to exploring opportunities for product co-development and expanding the scope of payment acceptance use cases throughout Africa and the Middle East. Together, they aim to make it simpler and safer for fintechs to offer innovative financial solutions to millions of African consumers while building a future where fintech companies can thrive and expand in a secure environment.

“We are thrilled to deepen our partnership with Onafriq and embark on this journey of innovation and collaboration,” said VGS CEO Chuck Yu. “Together, we are poised to unlock new security and payments innovation possibilities for fintechs based in Africa and the Middle East, ultimately empowering businesses and consumers alike.”

Likewise, Onafriq COO Rajat Mishra expressed enthusiasm for the partnership, stating, “At Onafriq, we are committed to delivering cutting-edge solutions that meet the evolving needs of our partners. By leveraging VGS’s best-in-class technology and combining it with Onafriq’s unique expertise around payment interoperability, we are confident that we can drive meaningful impact and shape the future of fintech across Africa and the Middle East.”

The VGS-Onafriq partnership is a significant milestone in payments innovation for fintechs in Africa and the Middle East looking to uphold standards for excellence in security, reliability, and customer experience.

This is the philosophy behind Africa’s largest digital payments network, Onafriq’s, extensive growth and vision to unify the continent’s digital payments landscape according to Funmi Dele-Giwa, the general counsel and chief risk officer.

Dele-Giwa recently shared insights into the organisation’s unique position at the intersection of social impact and commercial ambition at the Women in Payments Symposium EMEA, held in London.

During her speech she delved into the company’s journey in delivering greater financial access and connecting all of Africa into a single integrated network that empowers both individuals and businesses.

“The purpose of Onafriq from the very onset was one of providing financial access to marginalised individuals on the African continent and having a positive impact in the countries we operate in and the clients we serve,” she said. “That is why Onafriq was built on the back of a strong belief that mobile money would serve as a strong enabler of financial access to millions of under- or unserved Africans.”

Established nearly 15 years ago with the mantra of “making borders matter less”, the company aims to facilitate cross-border payment services within Africa – as well as in and out of Africa.

This is underpinned by the vision of Dare Okoudjou, its founder and CEO that making a payment anywhere in the world, to anywhere across the globe should be as easy and as painless as it is to make a phone call.

Today, Onafriq’s payments network connects more than 1,300 cross-border payment corridors providing access to more than 500 million mobile wallets and 200 million bank accounts across 40 African markets.

This vast digital infrastructure is a testament to its position as the “network of networks”, enabling services like cross-border payments, remittances, card issuing, agency banking and more, which facilitate seamless money flow from, to, and across the continent.

During her talk at the symposium, Dele-Giwa noted that remittance services were a key example of this marriage of concepts, having particularly emerged as a powerful tool for boosting economic growth and financial empowerment.

By partnering with international remittance companies, the Onafriq network enables the significant pool of migrant workers from Africa in the diaspora to send and receive money efficiently and affordably. She notes however, that remittances are not just the privy of the global north to south, as there is significant intra-Africa remittance demand which has traditionally remained unmet.

Through partnerships with mobile network operators (MNOs) across the Continent, Onafriq is bridging gaps between countries like Kenya and Uganda, as well as Cameroon and Nigeria, by digitising and facilitating intra-Africa remittance flows.

“Strategic collaborations between key sectors of Africa’s financial services landscape are key to unlocking the full potential of remittances as a catalyst for economic growth and development,”  said Dele-Giwa. “As such, fostering robust partnerships between payment networks and mobile money platforms is important to enabling greater remittance flows given the widespread adoption of mobile wallets across the continent.”

Another way that Onafriq is blending the principles of social betterment with business objectives is by empowering small businesses in Africa to flourish and grow by enabling access to a wider range of choices in disbursing or collecting digital payments over cash.

Onafriq’s partnership with One Acre Fund is an example of how the company’s network has contributed to providing small-scale farmers with asset-based financing services.

“Our work to open up markets and connect people to opportunities continues to empower the African gig economy, enabling GDOs to deliver cash assistance to needy communities and international merchants to pay local creators, influencers and artists, as well as helping small traders to sell their goods across borders, by simplifying the ways they can pay and can get paid,” said Dele-Giwa.

Another notable aspect of Onafriq’s journey of positive social impact, according to Dele-Giwa, is its commitment to empowering women. Through its agent network in Nigeria, women entrepreneurs are able to generate additional income by becoming agents, and by using the Baxi point of sale device they can easily manage payments for their shops and market stalls. Furthermore, partnerships with organisations like the One Acre Fund helped to empower women in small-scale farming, amplifying their economic participation.

For those seeking to emulate Onafriq’s success, Dele-Giwa noted that it was important to align their social mission with the innovation and collaboration needed to achieve a positive impact while pursuing commercial success.

“Let’s remember, it’s not just about the services we offer. It’s about the impact we make while doing so,” she said. “It’s important to share those impactful stories of empowerment and positive change delivered as a result of your products and services, but it is also important to create a set of impact metrics to measure success by. This way you are always able to hold yourself accountable to employees, shareholders, regulators, clients, and other stakeholders.”