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Tag: mobile wallets

  • Yuno Partners with Onafriq to Unlock Pan-African Payments for Global Merchants

    Yuno Partners with Onafriq to Unlock Pan-African Payments for Global Merchants

    Partnership integrates Onafriq’s leading Pan-African payment network into Yuno’s orchestration platform, giving merchants a single connection into Africa’s most expansive payments infrastructure

    Yuno, the global financial infrastructure platform, today announced a strategic partnership with Onafriq, the leading Pan-African payments network, to bring Africa’s most expansive payments infrastructure to merchants worldwide. Through this integration, Yuno’s clients gain instant access to Onafriq’s network spanning 43 African markets, nearly 1 billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors, all through Yuno’s single, developer-friendly API.

    As businesses increasingly look to Africa as a high-growth frontier, the partnership addresses one of the most persistent friction points in cross-border commerce: the complexity of connecting to fragmented, local payment rails across dozens of markets. By combining Yuno’s payment infrastructure capabilities with Onafriq’s deep-rooted African network, the two companies aim to dramatically reduce the time and technical overhead required for merchants to go live and scale across the continent.

    Onafriq’s infrastructure supports the full payment lifecycle, from real-time disbursements and omnichannel collections to card issuance, treasury management, and stablecoin settlement, all underpinned by local regulatory licences and ISO 27001 and CMML3-certified security. For Yuno’s merchant base, this means the ability to pay out to mobile wallets, bank accounts, or cash pickup points, and accept payments across channels, without managing multiple integrations or compliance frameworks independently.

    “Africa represents one of the most exciting growth opportunities in global commerce, and yet too many merchants are still locked out by payment infrastructure that wasn’t built for scale. Our partnership with Onafriq changes that,” said Juan Pablo Ortega, Co-Founder and CEO, Yuno. “By bringing their unmatched African network into our infrastructure layer, we’re giving our clients a single path to a continent-wide ecosystem with the reliability, compliance, and local depth they need to grow with confidence.”

    The partnership is part of Yuno’s broader strategy to build a truly global platform that connects merchants to every meaningful payment method and network, regardless of geography. Following successful expansion in the Middle East, Europe, and Asia, Africa is a key pillar of Yuno’s next phase of growth.

    For Onafriq, the integration with Yuno extends its reach to an entirely new segment of global merchants who now benefit from a streamlined entry point into African markets. The partnership reinforces Onafriq’s mission of making borders matter less, bringing together mobile money operators, banks, fintechs, and enterprises into one connected payment ecosystem.

    “Africa’s payment landscape has never lacked ambition or momentum, what it needed is the right infrastructure that matches its pace. Our partnership with Yuno changes the equation for global merchants who want to be part of this growth story” said Dare Okoudjou, CEO, Onafriq. “Through a single connection, global merchants can reach consumers and businesses across Africa more seamlessly than ever before, while more people across the continent gain access to the digital economy on their own terms. For us, this is what making borders matter less looks like in practice.”

    The integration is now live and available across Egypt, Ghana, Kenya, Nigeria, Cameroon, Cote D’Ivoire, and Uganda. Yuno’s clients can access Onafriq’s capabilities, including mobile money disbursements and collections, card issuance, and FX treasury services, directly from the Yuno dashboard with no additional contract or integration required.

  • Onafriq Celebrates 15 Years: Advancing from Mobile Money Interoperability to Comprehensive Omnichannel Infrastructure

    Onafriq Celebrates 15 Years: Advancing from Mobile Money Interoperability to Comprehensive Omnichannel Infrastructure

    …Onafriq now links 1 Billion Connected Mobile Wallets and 500 Million Bank Accounts Across Africa

    Onafriq, Africa’s largest digital payments network, is celebrating its 15-year anniversary by announcing a significant milestone: close to 1 billion mobile money wallets and 500 million bank accounts are now connected through its infrastructure.

    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.

  • Feature: Charting Africa’s Financial Connectivity Pathway

    Feature: Charting Africa’s Financial Connectivity Pathway

    by Elvis Eromosele

    Payment is an important driver of commerce and socio-economic development. The evolution of payment is revolutionizing society today. 

    Across the African continent, technology intertwines with tradition forging a path toward financial inclusion. As digital payment infrastructure expands, businesses flourish and communities thrive. The once-insurmountable challenges of accessing financial services are being overcome, opening doors of opportunity for individuals and enterprises alike.

    From the bustling streets of Nairobi to the vibrant cities of Johannesburg, and the ancient wonders of Egypt to the thriving markets of Nigeria, a transformative wave is sweeping across Africa. In this digital age, the continent is witnessing a revolution in the realm of financial connectivity, propelled by the remarkable rise of digital payment systems. 

    Indeed, digital payment adoption is rapidly gaining momentum, reshaping the way transactions take place. Today, digital payment solutions are weaving their way into the fabric of everyday life, revolutionizing the economic landscape. With a growing population embracing the convenience of mobile wallets and contactless transactions, Africa is charting a course toward a cashless future.

    The continent has moved quickly from cards to the latest emerging digital solutions. Now that Contactless is on the board how prepared is Africa to engage, mingle and progress?

    Is Africa ready to step into a realm where innovation intertwines with progress, and where the potential for a more inclusive and prosperous future takes centre stage? The Digital PayExpo 2023, where visionaries, regulators, and industry experts converged to chart Africa’s transformative journey into the contactless revolution provided a scintillating insight into the future.

    Adeyinka Adeyemi, Managing Director/CEO, INTERMARC Consulting, organiser of the forum in his welcome address revealed that the theme of this year’s event The Future is Contactless was chosen in recognition of the trajectory of digital payment. 

    According to him, “We are here to further our understanding of the impact, implications and direction of financial technologies, particularly to glean into the future of contactless payments.”

    Right off the bat, the speakers conceded that financial inclusion has improved across the country with digital payment as the catalyst driving it. They argued that the regulators continue to play a crucial role in fostering confidence in the financial industry, particularly the Nigeria Deposit Insurance Corporation (NDIC) through the insurance of deposits and the Central Bank of Nigeria (CBN) proactive and forward-looking policy.

    Bello Hassan, Managing Director and Chief Executive Officer, NDIC, delivering his keynote address emphasized the importance of financial inclusion and highlighted the significant progress made in recent years. He urged regulators to leverage innovation and digitalization to further enhance the function of the emerging digital economy. He pointed out that the introduction of eNaira and insurance for deposits in the financial sector were among the strategies discussed to foster confidence in digital payments and improve financial inclusion.

    Musa Jimoh, Director, Payment Systems, CBN, highlighted the fact that regulators face a dilemma of keeping up with the speed of technological advancements. He stressed that risk mitigation and consumer protection should be top priorities to build trust in the digital payment ecosystem. He noted that it is important that issues around restitution and chargeback mechanisms are addressed effectively to allay consumer concerns.

    Elias Igbinakenzua, MD, Globus Bank, provided insights into the future of banking, which is rapidly evolving towards a digital-first approach. He revealed that the transition from cards to digital payments was driven by smartphone adoption, increased internet penetration, and technological advancements. According to Igbinakenzua, “Efficiency, enhanced personalization, mobile banking dominance, open banking, and collaboration with fintech companies are crucial factors for future success.” 

    Experts, during the panel sessions, discussed the transformative potential of blockchain technology in the financial sector. They emphasized the need for banks to collaborate with fintech companies, leveraging big data analytics to offer personalized services and seamless customer experiences across various touchpoints. The consensus was that collaboration rather than competition between banks and fintechs was the key to success.

    Education and awareness campaigns were deemed essential to address the lack of awareness and device limitations that hinder the adoption of contactless payments. The need for greater collaboration between tech entrepreneurs and the government, as well as the establishment of common regulatory frameworks for AI, was equally highlighted.

    Experts equally emphasized the need for robust security measures, employee education, strong customer authentication, and the creation of alternative credit scores to minimize risks. Collaboration among industry players and the implementation of safety nets such as SIM PINs were identified as crucial steps in ensuring the integrity of digital transactions.

    The Digital PayExpo 2023 highlighted the transformative power of contactless payments and the importance of collaboration, education, and innovation to achieve financial inclusion in Nigeria.

    As the digital banking landscape continues to evolve, industry players must embrace technology, strengthen security measures, and provide seamless customer experiences. With concerted efforts from regulators, banks, fintech companies, and consumers, Nigeria’s digital payment ecosystem is poised for significant growth, shaping the future of the nation’s and indeed Africa’s economy.

    Contactless payment refers to a method of making secure and convenient transactions without the need for physical contact between a payment card or mobile device and a payment terminal. It enables users to make payments by simply tapping their contactless-enabled cards or devices, such as smartphones or smartwatches, near a contactless payment terminal.

    With the popularity of mobile payments, contactless credit cards and other payment systems taking off in recent years, it is clear that this trend will not be slowing down anytime soon.

    The consensus is that contactless payment will spurn a tale of innovation and progress in Africa’s transformative journey. As more and more people tap into the potential of this technology, unlocking new possibilities and paving the way for a more inclusive and prosperous future. The stage is set, the momentum is building, and Africa is ready to embrace the contactless revolution.

    The transformative payment journey for the entire African continent has begun! 

    Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

  • Feature- Nigeria’s Cashless Policy: A Significant Opportunity For Growth

    Feature- Nigeria’s Cashless Policy: A Significant Opportunity For Growth

    by Adedamola Giwa

    The vision of a cashless society, while ambitious, does hold the potential to bring about a range of benefits for the country and its people if implemented correctly. These transformations in the financial landscape have significant effects on the government, businesses, and society at large.

    As the world becomes increasingly reliant on technology, the traditional way of doing business is no longer feasible. A cashless society offers a more convenient and secure alternative to physical cash. The benefits are numerous, from faster transactions to reduced costs and risks associated with physical currency, such as theft and fraud. In the past, a cashless society was not an entirely new concept. However, with digital technology, it is now more achievable than ever. Electronic fund transfers, mobile payment apps, and digital wallets are now part of our everyday lives, and Nigeria is no exception. With the Cashless Policy, the country is on a path to become a cashless or cash-lite economy, and this presents an unprecedented opportunity for digital payment providers.

    Sweden is a prime example of a country that has gone cashless, with over 85% of all transactions now made electronically. This has resulted in the creation of innovative financial solutions such as instantaneous mobile payment systems and even a national digital currency. Kenya leads the way in Africa with  at least one individual in 96% of Kenyan households using MPesa for payments.

    Why the cashless policy?

    The Central Bank of Nigeria (CBN) has been driving the effort to establish a cashless society with several initiatives aimed at promoting digital payments and reducing the country’s dependence on cash for over a decade. The 2012 digital payments directive, issued by the CBN, was a significant milestone in this journey. The directive required financial institutions to increase their investment in digital payment infrastructure, promote digital payments among their customers, and work with the CBN to develop a strong regulatory framework. This initiative aimed to modernize the financial sector, increase transparency, and enhance efficiency in the economy. As a result, the country witnessed a range of achievements, which included the expansion of financial access points such as automated teller machines (ATMs), point of sale (PoS) terminals, mobile cash (mCash) facilities, as well as the proliferation of e-payment platforms, and a significant increase in the adoption of electronic channels.

    For its more recent initiative, the Central Bank of Nigeria recently rolled out a new policy on cash transactions that imposes a fee for daily cash withdrawals exceeding N500,000 for individuals and N3,000,000 for corporate entities. According to the Apex bank, this policy aims to decrease the amount of physical cash in circulation and promote electronic transactions for payments, transfers, and other financial activities, without completely eliminating cash.

    While this recent policy has raised mixed reactions following the CBN’s introduction of the revised cash withdrawal limits, it is important to recognize that the idea of digital payments is not new to Nigerians and a lot of progress has been made with the adoption of digital payments over the last 5 years. For instance, the number of Point of Sale (PoS) terminals rapidly increased from roughly 155,000 to 1.1 million between 2017 and April 2022 reflecting the growth in merchants and agent network. According to NIBSS, the value of electronic transactions recorded under the NIP platform increased by 42 percent to N387 trillion in 2022 from N272 trillion recorded in 2021. The growth in adoption can be attributed to greater awareness and understanding of online payments and how they work. In addition, the increasing availability of digital payment services – including peer-to-peer payments, mobile wallets, point-of-sale devices, and digital coins – proffers a plethora of options for businesses and customers, each promising transparency, efficiency, and convenience.

    Amid the current shortage of Naira in circulation, Nigerians are turning to alternative payment options. Payment solutions providers, Banks and other financial institutions should ensure businesses can operate and receive payments seamlessly online. At  JumiaPay, we are committed to helping our customers grow their businesses by providing them with seamless payment solutions as well as free consumer promotion and advertising. JumiaPay offers multiple payment options to customers including cards, bank transfers, and mobile money. If you are a subscription based business or digital lender requiring recurring payments from your customers, our card tokenization services are designed to meet your needs. Small businesses selling on social media are not left out, you can use the JumiaPay payment links to receive payments from your customers without requiring a website integration. This is just to mention a few of what JumiaPay offers. Any business seeking to grow in this tough operating environment, will find a reliable partner in JumiaPay.

    Conclusion

    Despite the challenges, the push by the Central Bank of Nigeria to modernize the country’s financial system to enable individuals and businesses to enhance their financial efficiency and security is commendable. This will pave the way for new innovations from digital payment providers and also encourage financial inclusion. As Nigeria continues to embrace the shift towards digital payments, it is vital that all stakeholders work together to ensure a seamless transition and maximize the benefits that a cashless society can offer.

    Adedamola Giwa is the Managing Director, JumiaPay, Nigeria