Visa has teamed up with credit infrastructure provider _able and African payments firm Onafriq to deliver expanded credit access to millions of bank account holders across Africa. The partnership aims to leverage Visa’s global payments network alongside _able’s credit technology and Onafriq’s extensive reach throughout the continent to address significant gaps in financial inclusion.
The collaboration targets regions where traditional credit infrastructure remains underdeveloped, offering new opportunities for consumers and small businesses to access financing. Onafriq operates one of Africa’s largest digital payment networks, connecting over 500 million mobile money wallets and bank accounts across more than 40 countries. By integrating _able’s lending technology with this distribution network and Visa’s payment rails, the partnership creates a scalable framework for credit delivery.
The move comes as fintech partnerships increasingly focus on emerging markets where banking penetration lags behind mobile connectivity. African financial services providers and digital lending platforms stand to benefit from expanded infrastructure capabilities.
FXnCO Insight
Watch for increased competition in African fintech credit markets as global payment giants accelerate partnerships to capture underbanked populations.
Source: Finextra