VGS, a leading payment tokenization firm, has solidified its strategic partnership with Onafriq, Africa’s largest payments network, to elevate security and foster innovation for fintech companies across the region. This collaboration builds upon a longstanding relationship between the two entities, where VGS has been a trusted partner in ensuring PCI compliance and implementing payment features.
At the heart of this partnership is VGS’s expertise in securely collecting and storing sensitive payment card information on behalf of clients. By doing so, VGS shields them from the liabilities associated with handling such data while ensuring adherence to PCI standards. This has enabled Onafriq and its fintech partners to focus on their core competencies of developing innovative financial solutions and delivering superior customer service.
A key highlight of this collaboration is the implementation of VGS’s card reveal capability for Onafriq’s new “Credential Show” feature. This feature, specifically designed for virtual cards and other card issuance functionalities, will be tailored to the unique needs of fintech providers in Africa and the Middle East. By securely storing PAN (Primary Account Number) data, Onafriq and VGS can now display complete card details to end-users upon request, enhancing convenience and user self-service options.
Beyond bolstering security and enhancing existing features, VGS and Onafriq are committed to co-developing new products and expanding payment acceptance use cases across the region. Their shared vision is to simplify the process for fintechs to offer cutting-edge financial solutions to millions of African consumers while ensuring a secure and thriving environment for the entire fintech ecosystem.
Chuck Yu, CEO of VGS, expressed his enthusiasm for the partnership, stating, “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.”
Rajat Mishra, COO of Onafriq, echoed this sentiment, emphasizing their commitment to delivering cutting-edge solutions that meet the evolving needs of their partners. By combining VGS’s best-in-class technology with Onafriq’s deep understanding of payment interoperability, they are confident in their ability to drive significant impact and shape the future of fintech in the region.
This partnership between VGS and Onafriq signifies a major milestone in the journey towards a more secure and innovative fintech landscape in Africa and the Middle East. By working together, they are paving the way for a future where financial services are more accessible, secure, and tailored to the specific needs of the region’s consumers and businesses.
