…Delving into the cross-border Fintech landscape
In the ever-evolving landscape of financial technology, Onafriq is at the forefront, championing the vision of a borderless world for financial transactions. This ambitious goal aims to simplify cross-border payments, making them as effortless as local calls.
In the heart of this revolution is Ghana, where Onafriq is implementing its mission to eliminate barriers to cross-border transactions.
Breaking down borders with Onafriq
Working hand in hand with partners, Onafriq is providing a comprehensive platform for clients with business interests spanning not only within Ghana, but also in East Africa. Clients are seeking convenient solutions to manage payments seamlessly across different regions, and Onafriq’s approach is turning this vision into reality.
“Our goal is to break down the barriers that have traditionally limited cross-border transactions, allowing businesses and individuals to transact seamlessly across different geographical locations,” says Ike S. Anison, the Country Director of Onafriq, in an exclusive interview with the B&FT.
At the heart of Onafriq’s strategy lies the payment gateway, a crucial component in enabling seamless cross-border transactions. This gateway is set to transform the way payments are processed, providing a smooth experience for both senders and receivers. The goal is not just a concept, but a practical solution that is actively being implemented in Ghana.
“Our payment gateway is designed to cut through the complexities of international payments, ensuring a seamless experience for all users involved in cross-border transactions,” notes the Country Director
Digital payment gateways transforming Ghana’s financial landscape
Shifting gears, the potential for digital payment gateways to transform Ghana’s financial landscape is gaining momentum. With approximately 5 million bank accounts and limited card usage, payment gateways tied to e-commerce transactions are becoming catalysts for change.
The growth of e-commerce, spurred by the COVID-19 pandemic, has increased card adoption. Virtual cards, especially among the younger generation, are gaining popularity for online transactions, presenting opportunities for growth in the Fintech industry.
“The demand for virtual cards and online transactions is growing, indicating a significant shift in consumer behaviour,” states Mr. Anison.
Challenges and opportunities in the Ghanaian Fintech scene
While opportunities abound, challenges persist. Limited Internet penetration, scepticism and functionality concerns pose obstacles to the industry’s growth. However, the increasing demand for online transactions and cross-border payments opens avenues for innovation.
“The Fintech industry in Ghana is at a crossroads, balancing challenges with the vast opportunities presented by the evolving digital landscape,” the Country Director stated.
Turning the focus on Onafriq’s expansion in the Ghanaian market, the company faces a delicate balance. Leveraging the strong mobile money ecosystem and mobile phone penetration, Onafriq aims to scale beyond person-to-person payments. Challenges include navigating the balance between online and offline transactions and diversifying financial products.
“Our goal is not just to provide seamless transactions, but also to offer a comprehensive suite of financial products, including insurance and loans,” he stated.
Strategic partnerships and standing out in the crowd
Onafriq distinguishes itself through strategic partnerships with MNOs, MTOs, banks and enterprises. Unlike many competitors, their capability to terminate transactions to any wallet, bank account and card sets them apart. The company’s unique offerings and growing client base position it as a prominent player in Ghana’s competitive Fintech sector.
“Our versatility in termination options and the steady influx of inquiries demonstrate the demand for the unique services we provide,” asserts Mr. Anison.
Secure cross-border transactions: A regulatory challenge
In the realm of secure cross-border transactions, regulatory challenges loom large in Ghana’s Fintech industry. Currently, only banks have the licence to send money abroad, leading to a demand for alternative solutions. Fintech companies, including Onafriq, are engaging with the government to explore regulated environments that allow outbound transactions.
“Navigating regulatory challenges is essential for providing alternative solutions for cross-border transactions, addressing the needs of individuals seeking lower fees and quicker transfers,” he emphasised
As Onafriq takes steps toward realising its vision in Ghana, the landscape of financial transactions is poised for a transformative journey, breaking down borders and ushering in an era of seamless cross-border transactions.
