Card-based funds transfer service, launched by Onafriq in Ghana, reconciles mobile money transactions with card payments
Onafriq Introduces Seamless Transfers Between Prepaid Cards and Mobile Money Wallets in Ghana
Onafriq, Africa's largest digital payments network, has launched a groundbreaking new feature in Ghana. This innovation enables seamless real-time transfers between prepaid cards and mobile money wallets, offering users greater flexibility and control in managing their finances across platforms.
The feature is made possible through strategic partnerships with First Atlantic Bank (FAB) and Agricultural Development Bank (ADB), which enable linking users' wallets and prepaid cards. This integration bridges the gap between mobile-first financial services and card-based payment systems, expanding the usability of mobile money—widely used in Africa but not always accepted everywhere—into card payment ecosystems that cover local and global transactions.
With this new service, users can top up prepaid cards directly from their mobile wallets, withdraw funds to their wallets from cards, and engage in cross-platform transfers. This functionality was enabled by Onafriq's 2023 acquisition of Global Technology Partners (GTP), which introduced card interoperability, allowing users to fund and defund cards instantly from their mobile wallets.
Ike Anison, Country Director for Onafriq Ghana, noted that mobile money is the dominant store of value for millions of Africans but isn't always accepted for all types of transactions. By linking wallets to cards, Onafriq is giving users more options to transact across both local and global ecosystems. Funds can be moved between platforms regardless of the primary store of value, thereby enhancing financial inclusion and flexibility.
In summary, Onafriq’s new feature significantly empowers users by connecting the dominant mobile money wallets with prepaid cards accepted both online and offline, enabling seamless transactions across payment ecosystems in Ghana. This innovation aligns mobile money with globally accepted payment methods, facilitating easier participation in the digital economy for Ghanaians.
Technology played a significant role in the development of Onafriq's new feature, as the 2023 acquisition of Global Technology Partners (GTP) introduced card interoperability, enabling instant funding and defunding of cards from mobile wallets. This integration of technology expanded the usability of mobile money by bridging the gap between mobile-first financial services and card-based payment systems.
Furthermore, the seamless real-time transfers between prepaid cards and mobile money wallets, made possible through this technology, offers users greater financial inclusion and flexibility, enabling them to engage in cross-platform transactions regardless of the primary store of value.
