Onafriq and VGS Partner to Improve Virtual Card Security for Fintechs Across Middle East and Africa
African payments network, Onafriq, has joined forces with VGS, the payment tokenisation firm, to improve security for fintechs across the Middle East and Africa (MEA).
As part of the partnership, Onafriq will implement the VGS card reveal capability for its new ‘Credential Show’ feature, which is where both organisations will securely collect and store Primary Account Number (PAN) data and display a complete card number, expiration date, and CVV to end-users when requested.
The ‘Credential Show’ feature will apply to virtual cards and other card issuance features specifically tailored to fintech providers in Africa and the Middle East. This process also helps Onafriq’s fintech clients remain compliant, while offering user self-serve options and reducing customer service needs.
This partnership marks the culmination of a longstanding relationship between the two entities, with VGS serving as Onafriq’s trusted partner for PCI compliance and payment features.
Rajat Mishra, COO at Onafriq, commented: “By leveraging VGS’s best-in-class technology and combining it with Onafriq’s unique expertise around payment interoperability, we are confident that we can drive meaningful impact and shape the future of fintech across MEA.”
This collaboration empowers Onafriq and its fintech clientele to operate with enhanced security and peace of mind while focusing on driving innovation and delivering superior financial services to their customers.
Unlocking new ‘payments innovation possibilities’
As a universal token vault provider, VGS specialises in securely collecting and storing payment card information on behalf of its clients, thus shielding them from PCI compliance liability and the inherent risks associated with handling sensitive data.
Chuck Yu, CEO of VGS, also commented on the news: “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.”
VGS and Onafriq revealed they are committed to exploring opportunities for product co-development and expanding the scope of payment acceptance use cases throughout the MEA region.
Through the partnership, they aim to make it simpler and safer for fintechs to offer innovative financial solutions to millions of African consumers while building a future where fintech companies can thrive and expand in a secure environment.
