Commemorating its 15th anniversary, Onafriq links a monumental 1 billion mobile digital wallets.
Onafriq Connects Over 1 Billion Mobile Wallets and 500 Million Bank Accounts in Africa
Onafriq, Africa's largest digital payments network, has announced a significant milestone. Nearly 1 billion mobile money wallets and 500 million bank accounts are now connected through its infrastructure.
This expansive network is part of Onafriq's mission to connect every individual and business in Africa with each other and the world. The company remains dedicated to building a payment infrastructure that unlocks prosperity, both across borders and within local communities.
Dare Okoudjou, founder and CEO of Onafriq, stated that the company has built a pan-African infrastructure layer that has evolved in lockstep with the continent's digital evolution. He is focusing on creating infrastructure with local depth, such as in Nigeria, to enable more relevant use cases.
Onafriq's network facilitates various services, including cross-border disbursements, collections, card issuance and processing, offline agent banking services, and FX & treasury services. It currently connects over 2,000 cross-border payment corridors.
The company is not only maintaining its pan-African infrastructure but also developing a network with greater local relevance. In Nigeria, for example, Onafriq is developing a unique payments stack that combines the strength of its cross-border network with the regulatory and foreign exchange realities of the country.
Onafriq's strategy includes integration with the Pan-African Payment and Settlement System (PAPSS), pilot programs and scaling, adoption of blockchain and stablecoins, a focus on SMEs and financial inclusion, and expanding accessibility through mobile money and fintech wallets.
These initiatives aim to bypass outdated payment systems in favor of a modern, mobile-first financial ecosystem. They align with the objectives of the African Continental Free Trade Area (AfCFTA) and could make borders "matter less" in commercial activities across the continent.
By simplifying payments and reducing costs, Onafriq aims to empower SMEs and individual users, promoting active and sustained usage of digital financial services. This could support broader economic integration within Africa, making it easier for businesses to operate across borders and for individuals to send and receive money seamlessly.
- Onafriq's expansive digital payments network, encompassing nearly 1 billion mobile wallets and 500 million bank accounts, is a significant step towards connecting every individual and business in Africa, ultimately unlocking prosperity both across borders and within local communities.
- Dare Okoudjou, the founder and CEO of Onafriq, is focusing on creating infrastructure with local depth, such as in Nigeria, to enable more relevant use cases and establish a pan-African infrastructure layer that evolves in line with the continent's digital evolution.
- Onafriq's network supports various services, including cross-border disbursements, collections, card issuance and processing, offline agent banking services, and FX & treasury services, currently connecting over 2,000 cross-border payment corridors.
- Beyond maintaining its pan-African infrastructure, Onafriq is developing a network with greater local relevance, such as a unique payments stack in Nigeria that combines the strength of its cross-border network with the regulatory and foreign exchange realities of the country.
- Onafriq's strategy includes integration with the Pan-African Payment and Settlement System (PAPSS), adopting blockchain and stablecoins, a focus on SMEs and financial inclusion, expanding accessibility through mobile money and fintech wallets, and aligning with the objectives of the African Continental Free Trade Area (AfCFTA) to reduce costs and facilitate seamless commercial activities across the continent.
