This collaboration aims to enable payments and remittances from the US to Africa, with Alviere setting the stage to reach 500 million mobile wallets in Africa.
Cross-border payments in Africa
Onafriq connects various payment schemes with more than 500 million mobile wallets, over 200 million bank accounts, and 400.000 small and medium businesses across Africa's payments ecosystem.
As the official press release shows, cross-border payments are crucial for many African families and merchants. Moreover, according to the World Bank, remittance flows to sub-Saharan Africa alone reached USD 53 billion in 2022, highlighting the significant role of immigrants in supporting the financial well-being of their loved ones in their home countries. In this market, Companies like Onafriq and Alviere help traditional financial services to improve by providing payment solutions that offer access to economic opportunities across the continent. On this basis, Onafriq has made it a core part of its mission to enable financial access across borders. This aligns with the mission of both companies to provide critical access to financial services.
Regarding this partnership, Onafriq has chosen Alviere to leverage its range of solutions, technical expertise, and sound approach to regulation and compliance. Moreover, as a licenced money transmitter throughout the US and its territories, Alviere enables cross-border payments from the US.
Onafriq will use the Alviere HIVE platform and regulatory framework to process payments originating from the US and its territories while adhering to strict compliance standards, including Anti-Money Laundering (AML), sanctions, and fraud regulations for US financial institutions. This ensures a safe and secure experience for customers.
Onafriq has a large mobile money movement footprint across Africa at a time when mobile money is a significant driver of financial inclusion. To expand and improve its services, the fintech’s payment hub has forged a series of previous partnerships with important players in the payment market.
In November 2023, Crypto solutions company Ripple partnered with Onafriq to facilitate digital asset-enabled cross-border payments between Africa and other markets. Onafriq utilises Ripple Payments, Ripple’s crypto-enabled payments technology, to open up three new payment corridors between Africa and the rest of the world. Customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia are now able to make speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network.
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