VALR taps Onafriq Network to unlock crypto access to Africa’s unbanked

Crypto exchange VALR has partnered payments network Onafriq to expand access to digital assets for millions of unbanked Africans, allowing users to fund crypto accounts directly through mobile money in local currencies and bypass traditional banking barriers.

The integration allows users to fund crypto accounts using local currencies via mobile wallets, removing one of the biggest barriers to entry in Africa’s digital asset market.

The move positions mobile money, already dominant in everyday transactions, as a gateway into global financial markets, including cryptocurrencies, tokenised assets and yield products.

Read also: Africa’s crypto boom enters regulated maturity as fraud falls 28% in 2025

Mobile money has become central to Africa’s financial system, particularly in markets with low banking penetration.

According to GSMA data, the industry processed about $1.68 trillion in transactions in 2024, with Sub-Saharan Africa accounting for a significant share of that growth. The World Bank also notes that mobile wallets now outperform bank cards and transfers in many African economies.

By plugging into Onafriq’s network, which connects nearly one billion mobile wallets across 43 countries, VALR is effectively bypassing legacy banking infrastructure. Users can now move funds from mobile wallets into crypto markets in a more direct and faster way, with settlements handled through stablecoins.

The partnership highlights a broader shift in Africa’s fintech landscape, where interoperability between payment systems is becoming critical. It also reflects rising demand for alternative financial tools as currency volatility, inflation and limited investment access push more users toward digital assets.

VALR, which serves over 1.7 million users globally, is expanding beyond trading into a broader financial ecosystem that includes tokenised real-world assets such as gold and equities, as well as lending and staking services. The integration with Onafriq strengthens its ability to reach underbanked populations without requiring bank accounts.

“This creates a practical pathway for millions to access Bitcoin, stablecoins and other financial tools,” said CEO Farzam Ehsani, pointing to mobile money’s role in reshaping access across Africa.

For Onafriq, the deal adds a new layer of functionality to its payments infrastructure, extending beyond remittances and merchant payments into digital asset access.

Read also: Explainer: How CBN’s crypto pilot fits into Nigeria’s plan to stay off global watchlists

Chief executive Dare Okoudjou said the partnership connects crypto services to an already vast network of users and businesses.

The development underscores how Africa is leapfrogging traditional financial systems, blending telecom-driven payments with blockchain-based services. It also signals growing convergence between fintech and crypto firms as both sectors compete to serve the continent’s largely underbanked population.

While regulatory uncertainty remains a key risk in several markets, the integration could accelerate mainstream adoption of digital assets by embedding them within familiar payment channels, a model analysts say may define the next stage of Africa’s digital finance evolution.