Key Highlights
- VALR partnered with Onafriq to let users deposit money and buy crypto using mobile money in local currencies.
- Users can fund accounts and purchase crypto quickly, with funds converted into stablecoins before use.
- The integration allows Africans to access VALR’s crypto services without needing a traditional bank account.
VALR, a crypto exchange based in South Africa, today launched a mobile money payment system in partnership with Onafriq, a payment gateway firm.
According to the official announcement, the initiative aims to give users across Africa a way to deposit funds and buy cryptocurrencies using local currencies. The system is expected to improve users’ accessibility to digital financial services without needing a bank account.
Built for deposits and crypto purchases
The firm said users in supported countries can fund their VALR accounts using mobile money services they already use daily. They can deposit in currencies such as the Kenyan Shilling (KES), Ugandan Shilling (UGX), Zambian Kwacha (ZMW), Central African CFA franc (XAF), and Congolese Franc (CDF). After making a deposit, the funds will be converted into stablecoins like USDC or USDT.
The firm also explained how to complete a deposit. What users have to do is log into their VALR account, choose their local currency, and select “Mobile Money” as the payment method.
Onafriq will be available on the platform as the provider. After that, users will need to confirm their mobile number and approve the transaction through a prompt sent to their phone. A similar process applies when purchasing cryptocurrency.
Once approved, the funds are credited to the user’s wallet within seconds to minutes. VALR stated that transaction limits are set at $300 per payment and that supported countries and currencies may change over time. According to the announcement, the system processes transactions by converting local currency into USDC before exchanging it into the selected cryptocurrency.
Integrating Onafriq to widen VALR ecosystem
Through Onafriq’s network, which connects mobile money systems across more than 40 African markets, VALR gains access to a wide user base and existing payment infrastructure.
This integration allows users to access a range of services on VALR, including trading more than 100 cryptocurrencies, without needing a traditional bank account. It also connects users to global digital markets using familiar payment methods already widely used in their daily lives.
“We are truly excited to welcome VALR onto the Onafriq Network, enabling their clients across Africa to transact freely with the 1bn mobile wallet users and hundreds of thousands of businesses already on Onafriq’s network,” said Onafriq’s Founder and CEO, Dare Okoudjou.
Broader context
Mobile money is a financial tool that is widely used in Africa, especially in areas with limited access to banks. It allows people to send, receive, and store money using mobile phones.
According to VALR’s data, there were over 2.1 billion mobile money accounts worldwide in 2024, with more than 108 billion transactions worth about $1.68 trillion. The firm also mentioned that in Sub-Saharan Africa, mobile money contributed about $190 billion to the region’s economy in 2023.
According to Farzam Ehsani, Co-Founder and CEO of VALR, “Mobile money has already reshaped financial access across the African continent. By enabling direct connections in local currencies, we offer millions a practical pathway to Bitcoin, stablecoins, tokenized gold, and more, as well as innovative financial tools, supporting greater economic participation for everyone.”
Meanwhile, this comes just a month after the exchange launched BITGOLD, a combined Bitcoin and tokenized gold investment as a simple product in Africa.
Also Read: CBN Starts Pilot Program to Watch Crypto Firms in Nigeria
