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Onafriq, Africa’s largest digital payments network, selects Alviere to facilitate seamless and secure remittances from the United States to Africa, aiming to transform the continent’s financial landscape.
This collaboration marks a significant milestone in enhancing financial access and economic prosperity for millions of individuals and businesses across Africa.
Onafriq’s extensive network encompasses over 500 million mobile wallets, 200 million bank accounts, and 400 thousand small to medium-sized businesses, addressing the complex and burgeoning payments ecosystem across the continent.
Recognizing the pivotal role of cross-border payments in supporting African families and merchants, Onafriq has made it a central mission to enable financial access across borders.
The World Bank’s report, indicating remittance flows to sub-Saharan Africa reaching $53 billion in 2022, underscores the enduring significance of immigrants in supporting the financial well-being of their loved ones in their home countries.
Companies like Onafriq and Alviere are at the forefront of transforming traditional financial services, providing crucial access to economic opportunities across the continent.
Onafriq’s choice of Alviere stems from its comprehensive solutions, technical expertise, and robust approach to regulation and compliance. As a licensed money transmitter throughout the U.S. and its territories, Alviere is uniquely positioned among embedded finance providers to facilitate cross-border payments from the United States.
Leveraging the Alviere HIVE platform and regulatory framework, Onafriq will ensure the processing of payments from the U.S. and its territories in strict compliance with Anti-Money Laundering (AML), sanctions, and fraud standards, thereby ensuring a seamless, secure experience for customers.
Dare Okoudjou, the founder and CEO of Onafriq, expressed pride in the global initiative to simplify cross-border payments, stating that with Alviere’s technology and regulatory coverage, their extensive footprint across the continent will enable fast and secure remittances while facilitating financial access and economic prosperity for Africans.
Pedro Silva, co-founder and CEO of Alviere, echoed the sentiment, emphasizing the potential for Onafriq to become a global leader in fintech, revolutionizing cross-border payments across the African diaspora.
“Our joint focus is to enhance financial access for all people regardless of borders, history, or current means,” Silva stated, highlighting the shared commitment of Onafriq and Alviere to enable efficient, competitive payment options for millions of consumers.
The partnership between Alviere and Onafriq represents a significant step towards redefining the landscape of cross-border payments, promising to unlock new opportunities and foster greater financial inclusion across Africa.
