Beyond the On-Ramp: Financial Architecture for Human Flourishing
In the 9th episode of VALR Unfiltered: Money, Meaning & Society, host Ben Caselin welcomes Shelley Hoverman, Head of Payments at VALR, and Peter Mongi, who is building VALR’s presence in Kenya. The conversation explores the transformative role of mobile money in Africa, its evolution into broader digital finance, and the growing intersection with cryptocurrency and global payments.
Peter Mongi shares a personal perspective shaped by Kenya’s pioneering mobile money ecosystem. He recounts how M-Pesa emerged during a period of post-election challenges and limited banking access, enabling seamless peer-to-peer transfers via SMS. What began as a simple way to receive pocket money from family evolved into a comprehensive system for merchant payments, bill settlements, taxes, and even credit building. Today, Kenya records approximately 250 million digital transactions monthly, valued at around 5 billion US dollars, with active mobile money usage reaching about 90 percent of the population. This infrastructure has facilitated resource flows from urban to rural areas, contributing to poverty reduction and allowing many to bypass traditional banking entirely.
Shelley Hoverman provides a continental view, contrasting Africa’s innovation drivers with those in more mature markets. While Europe and other regions focus on modernising existing banking rails for greater efficiency, Africa’s progress stems from the absence of widespread traditional infrastructure. This has spurred leapfrogging solutions that solve real-world problems of access and movement of value. Interoperability remains a key challenge, particularly for cross-border transfers, which continue to be costly and slow despite a vibrant fintech scene and high mobile money penetration exceeding one billion registered accounts across the continent.
The discussion highlights VALR’s recent integration with Onafre, which enables users in countries including Kenya and Nigeria to on-ramp directly from mobile money wallets into crypto. Funds convert seamlessly into stablecoins such as USDT or USDC, providing immediate access to Bitcoin, tokenized gold, or other assets on the VALR platform. This development addresses practical needs: inflation hedging in volatile local currencies, efficient cross-border payments for businesses (reducing settlement times from days to minutes), and broader participation in global markets.
Peter emphasises three primary use cases for stablecoins in Kenya and across Africa: protecting savings against currency depreciation, streamlining import payments, and enabling gig economy workers and investors to access international opportunities. Both guests note that while land and other tangible assets remain traditional stores of value, crypto adoption will accelerate through user education, regulatory clarity (such as Kenya’s recent VAS Act), and integration via trusted institutions like banks and mobile money operators.
Looking ahead, the speakers express optimism about Africa’s financial future. Mobile money has laid essential rails for local economic participation; blockchain and crypto now serve as the catalyst for global integration. Over the next decade, improved internet connectivity, consistent regulation, and interoperability could allow Africans to access the same financial tools as those in major centres, support remote work, facilitate seamless cross-border trade, and drive economic growth. VALR aims to contribute as an infrastructure layer that democratises access to digital assets and global markets, particularly for those previously excluded.
The episode underscores a central theme: in Africa, financial innovation is not merely about technology but about solving tangible problems and expanding opportunity. By bridging mobile money with crypto, platforms like VALR help users preserve value, move money efficiently, and engage with the wider world on more equitable terms. This integration reflects the ongoing evolution of money in society, where practical utility and inclusive access drive meaningful progress.
Risk Disclosure
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.
VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).
Disclaimer: Views expressed in this article are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.
