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VGS and Onafriq to boost security & payments innovation for FinTechs in MEA

By Delisha Fernandes

June 04, 2024

  • Financial Institutions
  • Financial Solutions
  • fintech MENA
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Onafriq

VGS has partnered with Onafriq, Africa’s payments network, to increase security and payments innovation for FinTechs in Africa and the Middle East.

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.

As a universal token vault provider, VGS specialises 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.

“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 payment innovation possibilities for fintechs based in Africa and the Middle East, ultimately empowering businesses and consumers alike.”

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.

Onafriq COO Rajat Mishra, stated, “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.”

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