Africa: Visa partners with _able, Onafriq to expand credit access across Africa

Visa has partnered with credit infrastructure provider _able and African payments company Onafriq to explore new ways of expanding access to formal credit for millions of bank account holders across Africa.

The collaboration will support the deployment of Visa Flex Credential across Central and Eastern Europe, the Middle East and Africa, enabling financial institutions to provide customers with access to multiple funding sources through a single payment credential.

The initiative is aimed at helping banks and other eligible issuers extend credit through existing debit and prepaid cards, potentially making credit products more accessible while simplifying the customer experience.

The partnership combines Visa’s global payments network and technology with _able’s credit enablement infrastructure and Onafriq’s pan-African payment processing capabilities.

Expanding credit through existing payment channels

Across several African markets, the adoption of debit and prepaid cards has expanded, while access to formal credit remains relatively limited.

Visa said the collaboration could allow financial institutions to build on existing customer relationships and payment credentials to introduce additional financial services without requiring customers to navigate entirely new payment channels.

By integrating credit capabilities with familiar debit and prepaid payment experiences, the initiative is expected to support broader financial inclusion while giving issuers new opportunities to serve underserved and underbanked consumers.

Onafriq will contribute payment processing capabilities for eligible prepaid card implementations and connect participating financial institutions to its pan-African payments infrastructure.

For financial institutions, the partnership brings together payment technology, processing infrastructure and digital credit capabilities, potentially simplifying the process of developing and deploying new credit offerings.

Supporting financial inclusion

The collaboration comes as financial institutions across Africa explore technology-driven approaches to widening access to financial services while managing credit, operational and compliance risks.

Visa Flex Credential is designed to allow issuers to offer customers multiple funding sources through a single credential, providing greater flexibility in how payments are funded.

Godfrey Sullivan, SVP and Head of Products and Solutions, CEMEA, Visa, said the partnership reflects the company’s focus on working with ecosystem players to develop solutions that respond to changing consumer needs.

“Through collaborations with innovative ecosystem partners such as _able and Onafriq, we are helping issuers explore new ways to broaden access to financial services and meet the evolving needs of consumers across the region.”

The partnership could provide participating banks and financial institutions with additional tools to expand credit offerings while leveraging payment infrastructure and customer relationships that are already in place.