Africa’s largest digital payments network, MFS Africa, has rebranded to Onafriq. This was revealed in a statement made available to Technext in which the financial technology company unveiled its new identity.
The company said the decision to rebrand is coming after significant growth and several acquisitions, including the recent acquisition of GTP. This move expanded the company’s reach to the US market.
That expansion brought it into a collision course in the US because the MFS trademark belongs to another company in the US. Therefore, MFS’ ability to use it outside of Africa was becoming difficult. However, Founder and CEO, Dare Okoudjou believes with this new name, the company can bring everybody together under one brand and identity.
“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 CEO said.
Onafriq’s journey to one African fintech network
Onafriq describes itself as an ‘omnichannel network of networks’. Its mission is to make borders matter less by providing its partners with a single pathway to unlock the full power of cross-border and cross-platform payment solutions.
The company says it boasts a network spanning 40 African markets, connecting over 500 million mobile money wallets, 200 million bank accounts, and 300,000 agents in Nigeria. With this digital infrastructure, Onafriq says it enables domestic and cross-border disbursements and collections, card issuing and processing, agency banking, and treasury services.
The company says its services are connecting global and regional enterprises. This includes mobile network operators, money transfer operators, banks, fintechs, global development organisations, and online and offline merchants. It also claims to be 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.
With these capabilities, Onafriq believes it is ushering in a new era of access for people across the African continent and beyond, something which is deeply reflected in its name change. In its statement, the company said this rebranding is not just a name change but a reflection of its evolution and vision for the future.
“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,” the statement reads.
Explaining further, CEO, Okoudjou noted that Onafriq also calls to mind the idea of One Africa, depicting an interconnected borderless continent where access unlocks greater potential.
“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,” he said.
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, it is also inviting partners, stakeholders, and the entire African community to join it on this path of innovation, collaboration, and progress to make borders matter less for millions of Africans on the continent.
See also: Lenda CEO, Adewunmi believes fintech companies are not to blame for the banking industry woes
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