VISA, in collaboration with OnAfriq, has launched a new program targeting fintech companies and banks in Tanzania to accelerate the digitization of card payments and promote financial inclusion. The program was launched at a ceremony held at the Johari Rotana five-star hotel in Dar es Salaam.
The program will provide fintech companies and banks with access to VISA’s global network and OnAfriq’s omnichannel payment network. This will enable financial service providers to develop and launch new prepaid card products or services that are tailored to the needs of the Tanzanian market.
The prepaid cards issued under the program can be used for a variety of purposes, including making payments online and in-store, withdrawing cash from ATMs, and transferring money to other prepaid cards. The cards can also be used to pay for goods and services from merchants that accept VISA cards.
VISA and OnAfriq are expected to benefit a wide range of people in Tanzania, including:
- People who do not have a bank account.
- People who have a bank account but do not want to use it to make payments.
- People who want to make online payments.
- People who want to send or receive money from abroad.
The collaboration can also benefit fintech startups and banks by:
- Increasing their customer base.
- Generating new revenue streams.
- Reducing the cost of providing financial services.