Ghanaian company Onafriq introduces card-to-wallet transfers, merging mobile money and card payments within the country.
Onafriq, Africa's largest digital payments network, has introduced a groundbreaking feature in Ghana, enabling seamless, real-time transfers between prepaid cards and mobile money wallets. This development allows users to top up prepaid cards from their mobile wallets and cash out from cards to wallets, bridging the operational gap between mobile money and prepaid cards.
The new functionality is made possible through Onafriq's strategic partnerships with First Atlantic Bank (FAB) and Agricultural Development Bank (ADB). Franklin Gbedzi, Chief Information Officer of First Atlantic Bank, described the feature as practical and powerful.
Mobile money is the dominant store of value for millions of Africans, as stated by Ike Anison, Country Director for Onafriq Ghana. However, it isn't always accepted for all types of transactions, particularly global or card-based commerce. By integrating mobile wallets with prepaid cards, Onafriq addresses this limitation, allowing users to move funds across platforms and transact more broadly across both local and international ecosystems.
This innovation expands financial flexibility and inclusion in the African fintech landscape. By linking wallets to cards, users gain more options to transact across various platforms, promoting financial freedom and meeting users where they are. It also supports wider participation in the digital economy on the continent.
The integration reflects a broader trend in African fintech towards cross-platform interoperability and digital financial inclusion. Onafriq's scale, with nearly a billion wallets connected, amplifies the impact of this innovation. Users can now top up cards from mobile money wallets or cash out from cards back to wallets instantly, making real-time funding and defunding of cards using wallets a key tool for digital financial inclusion.
According to the Bank of Ghana (May 2024), there are 68 million registered mobile money accounts and 24 million active users. With this new feature, Onafriq aims to link nearly a billion mobile wallets and 500 million bank accounts, as mentioned by Onafriq's card-to-wallet innovation. Alexander Forson, Head of E-Business at ADB, also mentioned that the innovation gives customers better control over their funds.
This development is significant for Ghana's digital economy, as it provides a more efficient and inclusive way for users to manage their funds and transact digitally. Onafriq's new feature is set to revolutionise the prepaid card and mobile money landscape in Ghana and beyond.
[1] Onafriq's Acquisition of Global Technology Partners (GTP) Unlocks Card Interoperability [2] Onafriq Partners with First Atlantic Bank (FAB) and Agricultural Development Bank (ADB) [3] Mobile Money and Prepaid Cards: Bridging the Gap for Wider Digital Financial Inclusion [4] The Impact of Onafriq's Innovation on Africa's Fragmented Payment Systems and Financial Freedom
- The strategic partnerships between Onafriq, First Atlantic Bank (FAB), and Agricultural Development Bank (ADB) have enabled the integration of fintech technology within the business sector, facilitating seamless, real-time transfers between prepaid cards and mobile money wallets.
- This innovation, allowing users to top up prepaid cards from mobile wallets and cash out from cards to wallets, signifies a significant advancement in Africa's digital finance industry, promoting financial freedom and digital financial inclusion on a broader scale.
