Introduction
VGS has announced a strategic partnership with Onafriq, Africa’s largest payments network, aimed at enhancing security and innovation for fintechs across Africa and the Middle East. This collaboration solidifies a longstanding relationship between the two entities, with VGS serving as Onafriq’s trusted partner for PCI compliance and payment features.
Strengthening Security and Compliance
As a universal token vault provider, VGS specializes in securely collecting and storing payment card information on behalf of its clients. This service shields clients from PCI compliance liability and mitigates the risks associated with handling sensitive data. The partnership has empowered Onafriq and its fintech clientele to operate with enhanced security and peace of mind, enabling them to focus on driving innovation and delivering superior financial services.
Introducing the “Credential Show” Feature
Onafriq is set to implement VGS’s card reveal capability for its new “Credential Show” feature. This feature will apply to virtual cards and other card issuance functionalities tailored specifically for fintech providers in Africa and the Middle East. By securely collecting and storing PAN (Primary Account Number) data, Onafriq and VGS can display a complete card number, expiration date, and CVV to end-users upon request. This process keeps fintech clients out of compliance scope while offering user self-serve options and reducing customer service needs.
Innovation and Product Development
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. Their goal is to simplify and secure the process for fintechs to offer innovative financial solutions to millions of African consumers. This partnership aims to build a future where fintech companies can thrive and expand in a secure environment.
Collaborative Vision for the Future
“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 payments innovation possibilities for fintechs based in Africa and the Middle East, ultimately empowering businesses and consumers alike.”
Onafriq COO Rajat Mishra echoed this sentiment: “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.”
