VGS, a major name in payment tokenisation has announced a strategic partnership with Onafriq, Africa’s largest payments network, that is aimed at bolstering security and innovation for fintechs across Africa and the Middle East.
As a universal token vault provider, VGS says it specialises in securely collecting and storing payment card information on behalf of its clients, thus shielding them from PCI (payment card industry) compliance liability and the inherent risks associated with handling sensitive data.
Onafriq says it is set to implement VGS’s card reveal capability for its new ‘Credential Show’ feature, which will apply to virtual cards and other card issuance features specifically tailored to fintech providers in Africa and the Middle East.
The Credential Show feature is enabled for fintechs and financial institutions when they opt for this capability, together with card-issuing APIs offered by Onafriq. The partners explains that this is where Onafriq and VGS securely collect and store PAN (primary account number) data and display a complete card number, expiration date, and CVV (security code) to end users upon their request.
The process insulates Onafriq’s fintech clients from coming under compliance scope while offering user self-serve options and reducing customer service needs.
It's been a busy year for Onafriq already, one that includes deals with Mastercard, Safaricom Ethiopia, and embedded finance platform provider Alviere.
