As part of efforts to deepen financial inclusion through adoption of financial card technology, Nigerian fintech startup, Wallets Africa, has joined forces with global payments giant, Visa, to launch debit cards for its customers. Wallets Africa was birthed out of the need to engender financial transactions through digital wallets, and the startup has grown in strides in simplifying how users carry out transactions across the continent with just an app and a card.
Established two years ago (2018) by John Oke in 2018, the company has gone on to establish relationships and integrations with other cards, banks, and switch providers in Nigeria. Now, it is joining forces with Visa to extend the reach to a wider audience. It could be recalled that sometime in June, Wallets Africa closed a seven-figure round deal to enable it start issuance of its own prepaid naira cards to allow customers to withdraw cash at ATMs and make payments at POS terminals.
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This partnership with Visa according to company sources came after Wallets Africa got accepted into Visa’s Fintech Fast Track Program. Visa says the programme creates an avenue for fintechs around the world to leverage its network “to introduce new and innovative payment experiences.” Similarly, it provides turnkey access to Visa’s ecosystem partners, online licensing, and APIs. The Fast Track Program has given the startup a further boost: issuing physical naira and dollar Visa cards.
Two months ago, Wallets Africa began issuing virtual dollar cards to its users, enabling them to buy items and courses, and make payments for subscriptions and tools online.
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Speaking on the development, Wallets Africa Digital Marketing Manager, Franklin Ugobude, says that while the company was already issuing virtual Visa cards with its card technology, physical Visa cards needed to come into play because of the customers Wallets Africa couldn’t reach. “This is more direct as opposed to integrating with this, integrating with that. What we’ve done is a direct thing to the big switch, to Visa in this case. So we’re much psyched about it,” he says.
Wallets Africa added that both cards — virtual and physical — will be aimed at business users who hope to initiate local transactions as well as international transactions. Also, they’ll be able to make offline payments as well. “So whether you want to pay for your local ride, or need a card for your next holiday, Wallets has got you covered,” Oke adds. This business-facing side of Wallets Africa’s platform wasn’t launched until late last year. In June 2020, the startup had 1,400 businesses; now, the number has increased to over 4,000 in addition to its over 60,000 individual users.
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This development means Wallets Africa users can now access physical and virtual Verve and Visa cards from the company. Moreso, it promises a top notch customer relations team that ensures that when users request for cards, Wallets Africa delivers them in less than two weeks. He also adds that users can make withdrawals with the dollar cards from any bank ATM in the country.
Otto Williams, VP, Fintech Partnerships of Visa, says the company is very enthusiastic about working with fintechs, and especially Wallets Africa on this new project. “The Wallets Africa team has made tremendous progress in a short time. I am impressed with the fact that they’ve successfully enabled Visa prepaid cards that work everywhere to thousands of digital natives and entrepreneurs in Nigeria. I look forward to seeing what they’ll do in other African countries soon.”
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Oke, on the other hand, is keen to see how the partnership will evolve in the coming years. “We’ve been working with technology suppliers across the world since inception to help offer world-class financial services to Africans. We are very excited to have Visa on board as we continue on our journey.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry