African funds community, Onafriq, has joined forces with VGS, the fee tokenisation agency, to enhance safety for fintechs throughout the Center East and Africa (MEA).
As a part of the partnership, Onafriq will implement the VGS card reveal functionality for its new ‘Credential Present’ function, which is the place each organisations will securely gather and retailer Major Account Quantity (PAN) knowledge and show an entire card quantity, expiration date, and CVV to end-users when requested.
The ‘Credential Present’ function will apply to digital playing cards and different card issuance options particularly tailor-made to fintech suppliers in Africa and the Center East. This course of additionally helps Onafriq’s fintech purchasers stay compliant, whereas providing consumer self-serve choices and decreasing customer support wants.
This partnership marks the fruits of a longstanding relationship between the 2 entities, with VGS serving as Onafriq’s trusted companion for PCI compliance and fee options.
Rajat Mishra, COO at Onafriq, commented: “By leveraging VGS’s best-in-class expertise and mixing it with Onafriq’s distinctive experience round fee interoperability, we’re assured that we will drive significant impression and form the way forward for fintech throughout MEA.”
This collaboration empowers Onafriq and its fintech clientele to function with enhanced safety and peace of thoughts whereas specializing in driving innovation and delivering superior monetary companies to their clients.
Unlocking new ‘funds innovation potentialities’
As a common token vault supplier, VGS specialises in securely amassing and storing fee card data on behalf of its purchasers, thus shielding them from PCI compliance legal responsibility and the inherent dangers related to dealing with delicate knowledge.
Chuck Yu, CEO of VGS, additionally commented on the information: “We’re thrilled to deepen our partnership with Onafriq and embark on this journey of innovation and collaboration. Collectively, we’re poised to unlock new safety and funds innovation potentialities for fintechs primarily based in Africa and the Center East, finally empowering companies and shoppers alike.”
VGS and Onafriq revealed they’re dedicated to exploring alternatives for product co-development and increasing the scope of fee acceptance use instances all through the MEA area.
By means of the partnership, they goal to make it easier and safer for fintechs to supply modern monetary options to tens of millions of African shoppers whereas constructing a future the place fintech corporations can thrive and increase in a safe atmosphere.
