Fintech
Onafriq and VGS collaborate to improve virtual card security for fintech companies in the Middle East and Africa
African Payments Network, Onafriqjoined forces with VGSthe payments tokenization company, to improve the security of fintechs in the Middle East and Africa (MEA).
As part of the partnership, Onafriq will implement VGS card reveal functionality for its new “Credential Show” feature, which allows both organizations to collect and securely store Primary Account Number (PAN) data and display a number complete with paper, expiration date, and CVV to end users when requested.
The “Credential Show” feature will apply to virtual cards and other card issuing features specifically designed for fintech providers in Africa and the Middle East. This process also helps Onafriq’s fintech customers remain compliant, while offering self-service options to users and reducing customer service needs.
This partnership marks the culmination of a long-standing relationship between the two entities, with VGS serving as Onafriq’s trusted partner for PCI compliance and payment capabilities.
Rajat MishraCOO at Onafriqcommented: “By leveraging VGS’ best-in-class technology and combining it with Onafriq’s unique expertise in payments interoperability, we are confident that we can make a significant impact and shape the future of fintech around the world. MEA.”
This collaboration allows Onafriq and its fintech clientele to operate with greater security and peace of mind, focusing on driving innovation and providing superior financial services to its customers.
Unlocking new “payment innovation possibilities”
As a universal token vault provider, VGS specializes in the collection and secure storage of payment card information on behalf of its customers, thereby protecting them from PCI compliance liability and the inherent risks associated with handling sensitive data.
Chuck Yu, CEO of VGS, commented on the news: “We are excited to deepen our partnership with Onafriq and embark on this journey of innovation and collaboration. Together, we stand ready to unlock new possibilities for security and payments innovation for fintechs based in Africa and the Middle East, ultimately empowering both businesses and consumers.”
VGS and Onafriq revealed that they are committed to exploring product co-development opportunities and expanding the scope of payment acceptance use cases across the MEA region.
Through the partnership, they aim to make it easier 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 safe environment.