(NAIROBI, KENYA) – Visa, _able and Onafriq have partnered to help financial institutions expand access to formal credit in Kenya and other markets across Central and Eastern Europe, the Middle East and Africa, using existing debit and prepaid cards.
The partnership is aimed at allowing eligible financial institutions to add credit services to existing prepaid and debit card credentials. This could give more consumers access to formal credit through cards they already use.
The companies said the arrangement could help address limited access to formal credit in many African markets, where debit and prepaid card ownership has increased but credit services remain less widely available.
The partnership will support the rollout of Visa Flex Credential across participating markets. The product allows card issuers to offer multiple funding sources through a single card credential.
Under the arrangement, eligible financial institutions can explore adding credit services to existing debit and prepaid cards, potentially reducing the need for customers to adopt separate cards or payment channels.
For _able, the partnership expands the services available through its technology platform, which already supports financial institutions through banking and mobile money channels.
Jad Abbas, Co Founder and Chief Financial Officer of _able, said the arrangement would allow financial institutions to provide a wider range of credit and savings services through a single technology platform.
“Most consumers across this region already hold a card, and very few can access credit through it,” Abbas said in a press statement. “Visa Flex Credential turns that gap into a channel, and _able provides the infrastructure to activate it responsibly and at scale.”
The companies said financial inclusion could improve when capital, distribution networks and operational capabilities are brought together through a common platform.
The partnership combines Visa’s global payments network and technology with _able’s credit enablement infrastructure and Onafriq’s payment processing capabilities.
The companies are targeting financial institutions across the CEMEA region, including markets where access to formal credit remains limited.
In many African economies, the growth of debit and prepaid card use has not been matched by similar access to formal credit products. The partners said Visa Flex Credential could allow financial institutions to use existing customer relationships and payment credentials to provide additional financial services.
The model could also reduce friction for customers by allowing them to access different sources of funding through payment credentials they already hold.
Under the partnership, Onafriq will provide payment processing capabilities for eligible prepaid card implementations. It will also connect participating financial institutions to its pan African payments infrastructure.
Christian Bwakira, Group Chief Commercial Officer of Onafriq, said the arrangement would help expand access to Visa Flex Credential enabled services in markets where participating issuers decide to introduce them.
“Creating access and making borders matter less across Africa through payments is what our network is built for,” Bwakira said.
He said supporting Visa Flex on prepaid cards through Onafriq’s proprietary companion card platform and its integration with _able would allow the company to enter a new area of credit access.
For banks and other card issuers, the partnership is intended to simplify implementation by combining payment technology, processing services and digital credit infrastructure.
Through its platform, _able provides financial institutions with services covering portfolio performance, risk management, liquidity optimisation and customer growth.
Onafriq will provide card processing and payments delivery services as part of the arrangement.
Godfrey Sullivan, Senior Vice President and Head of Products and Solutions for CEMEA at Visa, said Visa Flex Credential provides financial institutions with another way to offer flexible payment services.
He said giving consumers greater choice in how they pay could increase customer engagement, create new revenue opportunities and improve operational efficiency.
“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,” Sullivan said.
Financial institutions across CEMEA can now assess opportunities to deploy Visa Flex Credential across existing card portfolios through _able’s platform.
The platform is designed to work across several processing environments and support deployments as adoption expands in participating markets.
The partnership is particularly relevant to financial institutions seeking to extend credit services without relying entirely on new customer acquisition. Using existing card portfolios could allow banks and other issuers to build on established customer relationships and payment infrastructure.
The companies said the approach could also support wider financial inclusion by making formal credit available through familiar payment channels.
For Kenya, where banks, fintech companies and payment providers are expanding digital financial services, the partnership adds another potential route for extending credit through existing payment infrastructure.
The initiative also reflects the growing role of partnerships between global payments companies, fintech providers and African payment processors in developing financial products for emerging markets.
Headquartered in Dubai, _able has an operational hub in Nairobi, a market and innovation hub in Dar es Salaam and a technology and intelligence hub in Pune.
The company supports financial services partners across several emerging markets and said it remains focused on connecting capital providers with distribution channels through technology that supports responsible and scalable financial products.
Onafriq will provide the payments infrastructure for eligible implementations, while Visa will provide the payments network and Visa Flex Credential technology. _able will provide the credit enablement infrastructure.
The companies said financial institutions in participating CEMEA markets can explore deployments according to their individual market requirements, regulatory conditions and business strategies.