Onafriq Expands Partnership with Kooltra to Support Continued Growth

TORONTO – Onafriq, Africa's leading omnichannel payments platform, has announced their expanded partnership with Kooltra, the industry leader in FX and global payments infrastructure, to support their continued rapid growth. The expanded partnership with Onafriq’s Treasury team will provide the tools required to more quickly and strategically manage float balances that are used to facilitate client payments in and out of Africa, as well as monitor and hedge the FX exposures resulting from these payments.

Through implementing the Kooltra Platform to manage their FX and liquidity, Onafriq has been able to expand access to the continent with more than 500 million mobile wallets, over 200 million bank accounts, and 400 thousand small medium businesses, across 40 African nations. The integration of Kooltra’s technology into Onafriq's operations has resulted in heightened margins, strengthened liquidity management, and a streamlined user experience that benefits both internal users and customers.

“A company’s sustainability is linked to its ability to unlock new markets. One of the simplest ways to do that is by entering new territories. Partnering with Kooltra has allowed us to continue to expand into new markets with ease and keep pace with our demand, in a strategic and efficient way.” said Daniel Cousins, Director of FX and Treasury at Onafriq. 

The flexibility and modular nature of Kooltra’s platform has allowed Onafriq to maximize the value for their unique use cases. The platform has been instrumental in their ability to manage the market, one with wide spreads and less liquidity, relatively speaking. The vast customization possible through the Salesforce architecture, alongside Kooltra’s modern REST APIs, allow for new customizations and integrations to be expedited when needed, such as the recently launched trading integration with 360T. 

“Working with companies like Onafriq, with a bigger mission at hand, is so rewarding,” said Adam Katz, CEO at Kooltra. “Our ability to support their unique needs is exactly what we aimed to achieve when we architected Kooltra. Our goal is to be the most agile, customizable, and cost-effective solution on the market so we can support the inherently unique FX needs of any global business.” 

For additional information on Kooltra and its offerings, please visit www.kooltra.com.

About Onafriq

Onafriq is an omnichannel network of networks, making borders matter less by providing our partners with a single pathway to unlock the full power of cross-border and cross-platform payment solutions. With a network spanning 40 African markets, Onafriq connects over 500 million mobile money wallets, 200 million bank accounts, and 300,000 agents in Nigeria, enabling domestic and cross-border disbursements and collections, card issuing and processing, agency banking, and treasury services. By connecting global and regional enterprises, mobile network operators, money transfer operators, banks, fintechs, global development organisations, and online and offline merchants, supported by world-class regulatory and compliance capabilities and a strong regional presence in 10 offices in Africa, and others in the UK, US, and China. Onafriq is ushering in a new era of access for people across the African continent and beyond.

About Kooltra

Kooltra is a worldwide leader in end-to-end foreign exchange and global payments infrastructure. The Kooltra Platform empowers financial institutions with scalable technology that accelerates revenue growth, reduces operating costs, streamlines compliance, and automates regulatory reporting.

By bringing employees and customers together on a single cloud-based platform, the digital experience is optimized. This results in streamlined customer onboarding, dealing, settlements & multi-currency payments with a transparent view for each department into the customer and transaction lifecycle. Bringing an entirely new approach to the foreign exchange technology stack, Kooltra is a SaaS company with deep domain knowledge supported by a world class engineering team. 

Note to Editors

For more information, photos, or to arrange an interview, please contact Adam Katz, CEO of Kooltra, at adam.katz@kooltra.com.

‍