To ensure immigrants can continue to send money home to their friends and family quickly and safely, Onafriq, the digital payments network in Africa has selected Alviere, the embedded finance platform provider to enable payments and remittances from the US to countries in Africa.
The importance of remittances and cross-border payments cannot be understated in Africa. According to the World Bank, remittance flows to sub-Saharan Africa are expected to have increased by about 1.9 per cent in 2023 to $54billion. Onafriq selected Alviere for its breadth of solutions, technical expertise and sound approach to regulation and compliance.
Alviere is positioned to enable cross-border payments from the United States as a licensed money transmitter throughout the US and its territories. Onafriq will leverage the Alviere HIVE platform and regulatory framework for processing payments originating from the US and its territories in strict compliance with anti-money laundering (AML), sanctions. Additionally, it will comply with fraud standards for U.S financial institutions. This creates a seamless, safe, and secure experience for customers.
“We are proud to be a key part of the global effort to make sending a cross-border payment as easy and as simple as making a phone call,” says Dare Okoudjou, the founder and CEO of Onafriq. “With Alviere’s technology and regulatory coverage and our extensive footprint across the continent, we will enable fast and secure remittances while facilitating financial access and economic prosperity for Africans.”
Alviere co-founder and CEO, Pedro Silva, adds: “Onafriq is uniquely positioned to be a global leader in fintech, revolutionising cross-border payments throughout the African diaspora. We’re proud to be partnering with Dare and his team, our joint focus is to enhance financial access for all people regardless of borders, history, or current means. Together, Onafriq and Alviere will enable a variety of efficient, competitive payment options for millions of consumers.”