Onafriq has chosen Alviere to enable payments and remittances from the US to Africa. Onafriq connects various payment schemes with more than 500 million mobile wallets, over 200 million bank accounts, and 400,000 small medium businesses in its network across Africa’s fast-growing yet fragmented payments ecosystem.
Cross-border payments are a critical lifeline for many African families and merchants. Onafriq has made enabling financial access across borders a core part of the company mission.
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$53bn: remittances to sub-Saharan Africa in 2022
According to the World Bank, remittance flows to sub-Saharan Africa alone reached $53bn in 2022. This demonstrates the persistent role of immigrants in the financial well-being of friends and family living in their home countries. Companies like Onafriq and Alviere are transforming traditional financial services and providing access to economic opportunities across the continent. This dovetails perfectly with the missions of Alviere and Onafriq to provide critical access to financial services.
Onafriq selected Alviere for its breadth of solutions, technical expertise, and sound approach to regulation and compliance. Alviere says that it is uniquely positioned among embedded finance providers to enable cross-border payments from the US as a licensed money transmitter throughout the US and its territories.
Onafriq to leverage Alviere’s HIVE platform
Onafriq will leverage the Alviere HIVE platform and regulatory framework for processing payments originating from the US. This will ensure compliance with Anti-Money Laundering, sanctions, and fraud standards for U.S. financial institutions. This creates a seamless, safe, and secure experience for customers.
“We are proud to be a key part of the global effort to make sending a cross border payment as easy and as simple as making a phone call,” said Dare Okoudjou, founder and CEO of Onafriq. “With Alviere’s technology and regulatory coverage, and our extensive footprint across the continent, we will enable fast and secure remittances while facilitating financial access and economic prosperity for Africans.”
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By GlobalDataAlviere co-founder and CEO, Pedro Silva, added: “Onafriq is uniquely positioned to be a global leader in fintech. It is revolutionising cross-border payments throughout the African diaspora. We’re proud to be partnering with Dare and his team. Our joint focus is to enhance financial access for all people regardless of borders, history, or current means. Together, Onafriq and Alviere will enable a variety of efficient, competitive payment options for millions of consumers.”
