[Lagos, 1 November 2023] – MFS Africa, Africa’s largest digital payments network, is thrilled to unveil its new identity: Onafriq. This rebranding is not just a name change but a reflection of the company’s evolution and its vision for the future.
As Dare Okoudjou, founder and CEO, puts it: “The name MFS Africa, just like an old jacket, was getting a little tight for us as we’ve grown. We’ve expanded beyond just mobile financial services, becoming a true omni-channel platform across the continent and beyond. As we embark on this next phase of our journey, we wanted a name that reflects our aspiration of wiring up the whole continent into one network of networks with pathways from and to every African and every African business.”
The decision to rebrand comes after significant growth and several acquisitions, including the recent acquisition of GTP, which expanded the company’s reach to the US market. “The trademark MFS actually belongs to another company in the US, and our ability to use it outside of Africa was becoming difficult,” noted Dare. “With this new name, we can bring everybody together under one brand and identity.
The inspiration behind the new name, Onafriq, stems from the fusion of several powerful words: “Ona”, the Yoruba word for pathways and the French word for Africa, Afrique – plus a nod to IQ, signalling MFS Africa’s commitment to being the smartest game in African fintech.
Onafriq also calls to mind the idea of One Africa, an interconnected borderless continent where access unlocks greater potential.
Okoudjou further added: “From the get-go, my goal was to build a payment infrastructure that touches every corner of Africa and that lasts for over 100 years. My hope is that we get to do that and that we get to make borders truly matter less.”
In today’s fragmented payment landscape, the complexity surrounding cross-border transactions often impedes the free flow of money and inhibits international trade. Onafriq aims to break down these barriers, paving the way for economic growth and empowerment.
As the group embarks on this exciting chapter, we invite partners, stakeholders, and the entire African community to join us on this path of innovation, collaboration, and progress to make borders matter less for millions of Africans on the continent.
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.