Christian Bwakira, Group Chief Commercial Officer of Onafriq, a prominent African fintech company, raises a critical concern that hinders Africa’s complete integration into the global financial system: the lack of seamless communication between mobile money and card networks.

Mobile Money’s Double-Edged Sword: Inclusion Within, Exclusion Beyond

Mobile money has undeniably transformed financial inclusion in Africa. Millions of people who were previously unbanked can now access basic financial services.

However, the story takes a different turn when it comes to international transactions. Despite a significant rise in mobile money accounts and transactions documented in the GSMA’s 2024 report, African users still face limitations in participating freely in global digital commerce.

Cards: The Key to Unlocking Global Financial Inclusion

Bwakira, in a recent piece for the Business Post, proposes a solution: card networks. Since cards remain the dominant payment method for international consumers and merchants, establishing greater interoperability between mobile money wallets and card networks becomes paramount. This interoperability would act as a bridge, connecting African economies to the broader financial world.

Airtel Africa and Network International Partner for Digital Payments

Beyond Convenience: The Ripple Effects of Interoperability

Bwakira argues that enhanced interoperability isn’t just about convenience; it’s about creating a more inclusive and accessible financial services landscape across Africa.

Imagine a future where cross-border payments are faster, cheaper, and more transparent. This would empower individuals and businesses to conduct international transactions with greater ease and affordability.

It would open doors for African entrepreneurs to participate in the global marketplace, for international aid organisations to disburse funds more efficiently, and for the African diaspora to send remittances back home seamlessly.

Onafriq: The Architect of Interconnectivity

Onafriq positions itself as the Network of Networks, a company dedicated to facilitating convergence and interoperability between different payment systems.

Their vision, as expressed on their website, is to make accessing payments as simple as a phone call. They believe this accessibility can unlock a world of opportunities, empowering Africans to connect and transact in a globalised world.

The Power of Network and Service

Onafriq boasts a robust network spanning 40 African nations, connecting over 180 mobile Network Operators (MNOs), Money Transfer Operators (MTOs), and Banks.

Their reach extends beyond traditional institutions; they cater to large enterprises, financial institutions, MNOs, MTOs, NGOs, and even individual entrepreneurs through their beyonic Onafriq platform.

Onafriq isn’t just about connections; they offer a comprehensive suite of services to streamline financial transactions. These services include:

Payment collections: enabling businesses to accept payments via cards, cash, or mobile wallets, catering to a wider customer base.
Disbursements: Facilitating fast and secure disbursements for various purposes, from salaries to humanitarian aid, through a single integration with real-time transaction capabilities.
Card issuance: Providing a partnership for launching physical and virtual prepaid card offerings, allowing Africans to participate in the global card-based economy.
Agent banking solutions: expanding reach through a network of agents, such as Onafriq’s Baxi network in Nigeria with over 300,000 agents, offering cash-in and cash-out services for those without mobile phones or bank accounts.
Treasury services: simplifying the complexities of managing multiple currencies across the continent by providing access to various currencies and streamlining partner interactions.

Visa and Dash Solutions Partner to Unlock the Power of Real-Time Payments

By advocating for increased interoperability between mobile money and card networks, Onafriq champions a future where Africa is not just included within its own borders but actively participates in the global financial landscape.

Their extensive network, diverse service offerings, and commitment to interconnectivity position them as a key player in bridging this critical gap and unlocking Africa’s huge economic potential.

Onafriq’s vision extends beyond just a technological solution; it’s about empowering Africa to take its rightful place on the world stage.