VALR, Africa’s largest cryptocurrency exchange, has forged a significant partnership with Onafriq, a leading digital payments gateway. This collaboration is set to revolutionize financial access across 43 African markets, enabling users to fund their crypto accounts directly using mobile money in local currencies, without requiring traditional bank accounts.

The integration, announced recently, provides a practical pathway for anyone with a mobile money wallet, such as M-Pesa or MTN MoMo, to deposit local currencies like Kenyan shillings, Nigerian naira, Ghanaian cedis, or Ugandan shillings. These funds can then be utilized on VALR’s platform to access a diverse range of digital assets, including Bitcoin, stablecoins, tokenized gold, and over 100 other cryptocurrencies.

A core aspect of this partnership is its ability to bypass conventional banking systems, which remain inaccessible to a large segment of the African population. All transactions between VALR and Onafriq are handled using stablecoins, further eliminating the dependency on traditional banking infrastructure. This strategic move leverages Onafriq’s extensive network, which encompasses nearly one billion mobile money wallets across Africa, making it the continent's largest digital payment system.

Farzam Ehsani, co-founder and CEO of VALR, highlighted the transformative potential of mobile money in Africa. “Mobile money has already reshaped financial access across the African continent,” Ehsani stated, emphasizing that by enabling direct connections in local currencies, the partnership offers millions a practical pathway to various digital assets. Dare Okoudjou, founder and CEO of Onafriq, echoed this sentiment, describing the alliance as a crucial step for financial connectivity, recognizing VALR as a pioneer in blockchain and stablecoin technologies.

The partnership is particularly impactful given the challenges many Africans face in funding cryptocurrency exchanges due to a lack of bank accounts, debit cards, or international transfer capabilities. Mobile money, however, is deeply embedded in daily financial transactions across the continent. According to the GSMA’s 2025 mobile money report, the sector processed approximately 108 billion transactions valued at over $1.68 trillion in 2024, marking a 20% increase in volume from the previous year. In Sub-Saharan Africa alone, mobile money contributed around $190 billion to the GDP in 2023, with mobile payments often outweighing credit cards and bank transfers for everyday use.

By leveraging existing user habits rather than demanding new ones, VALR and Onafriq are effectively lowering the barriers to crypto adoption in Africa. Johannesburg-based VALR, founded in 2018, serves over 1.7 million users and 2,000 institutional clients globally, holding licenses from South Africa’s Financial Sector Conduct Authority and approval for operation in Europe. Onafriq’s network, crucial to this integration, spans 43 African markets and includes mobile wallets, bank accounts, and over 400,000 agents in Nigeria.