VGS has announced a strategic partnership with Onafriq to bolster security and innovation for fintechs across Africa and the Middle East. 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.
VGS is an all-inclusive token vault supplier that focuses on safely gathering and preserving credit card data on behalf of its customers, protecting them from PCI compliance obligations and the hazards that come with managing sensitive information.
Through collaboration, Onafriq and its fintech clients can operate with increased security and confidence, freeing them up to focus on driving innovation and offering their clients first-rate financial services.
“Credential Show” feature
This partnership brings with it numerous significant advancements. The card details VGS’s function that Onafriq will implement for its innovative “Credential Show” feature. This feature, which extends to virtual cards and other card issuance features, is tailor-made for fintech providers in Africa and the Middle East, enhancing their capabilities and security.
Onafriq’s “Credential Show” feature allows fintechs and financial institutions to securely store and display PAN data, reducing compliance risks and customer service needs while offering self-serve options for end-users.
VGS and Onafriq are exploring joint product development and aiming to expand payment acceptance cases in the Middle East and Africa. Their aim is to secure fintech growth and simplify financial solution delivery for millions in Africa, fostering growth and creativity in the financial sector.
“We are thrilled to deepen our partnership with Onafriq and embark on this journey of innovation and collaboration,” said VGS CEO Chuck Yu. “Together, we are poised to unlock new security and payment innovation possibilities for fintech’s based in Africa and the Middle East, ultimately empowering businesses and consumers alike.”
Onafriq COO Rajat Mishra expressed enthusiasm for the partnership, stating, “At Onafriq, we are committed to delivering cutting-edge solutions that meet the evolving needs of our partners. 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 Africa and the Middle East.”
The VGS-Onafriq collaboration marks a significant milestone in payments innovation for fintechs in Africa and the Middle East seeking to maintain high standards of security, dependability, and customer experience.The post Innovation Meets Security: Pioneering Fintech Partnership first appeared on IT News Africa | Business Technology, Telecoms and Startup News.