Onafriq, Africa’s largest payments network, has announced a strategic partnership with VGS, a leading universal token vault provider, aimed at bolstering security and fostering innovation for fintechs across Africa and the Middle East.
VGS will serve as Onafriq’s trusted partner for PCI compliance and payment features. One of the key features VGS will implement is the “Credential Show” capability for virtual cards and other card issuance features tailored specifically for fintech providers in Africa and the Middle East. This feature allows fintechs and financial institutions to securely collect and store Primary Account Number (PAN) data and display complete card details, including expiration dates and CVV codes, to end-users upon request. This process insulates Onafriq’s fintech clients from compliance issues while offering user-friendly self-service options and reducing customer service needs.
VGS specializes in the secure collection and storage of payment card information, protecting its clients from PCI compliance liabilities and the inherent risks associated with handling sensitive data. This collaboration will enable Onafriq and its fintech partners to operate with enhanced security and peace of mind, allowing them to focus on driving innovation and delivering superior financial services to their customers.
The partnership also includes plans for product co-development and expanding the scope of payment acceptance use cases throughout Africa and the Middle East. Both Onafriq and VGS aim to simplify and secure the offering of innovative financial solutions to millions of African consumers, creating a robust environment for fintech companies to thrive and expand.
VGS CEO Chuck Yu expressed excitement about the partnership, stating, “We are thrilled to deepen our partnership with Onafriq and embark on this journey of innovation and collaboration. 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.”
This partnership marks a significant milestone in payments innovation for fintechs in Africa and the Middle East, aiming to uphold high standards of security, reliability, and customer experience.
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