The partnership will allow payments between the US and Africa
South Africa-based Onafriq connects with 500 million mobile wallets, 200 million bank accounts, and 400 thousand small and medium businesses across Africa.
Cross-border payments are critical for many African families and merchants. According to the World Bank, remittance flows to Sub-Saharan Africa reached $53bn in 2022.
Payment solutions, like those from Onafriq and Colorado, US-headquartered Alviere, provide economic opportunities across the continent.
Onafriq will use Alviere’s HIVE platform and regulatory framework for processing payments originating from the US and its territories.
Dare Okoudjou, the founder and chief executive officer of Onafriq, said: “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.
“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.”
Pedro Silva, co-founder and chief executive officer of Alviere, added: “Onafriq is uniquely positioned to be a global leader in fintech, 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.”