The largest digital payments network in Africa, MFS Africa, has changed its name to Onafriq to better reflect the company’s expansion and long-term goals.
After experiencing rapid expansion and a number of acquisitions—including the most recent purchase of GTP, which increased the company’s market share in the US—the decision was made to rename.
“It was getting harder for us to use the MFS trademark outside of Africa because it really belonged to another company in the US,” said Onafriq’s creator and CEO, Dare Okoudjou, stated.
“With this new name, we can bring everyone together under one brand and identity.”
In keeping with MFS Africa’s mission to be the smartest game in African fintech, the new name Onafriq pays homage to a number of important terms, including the Yoruba word for routes, “Ona,” and the French word for Africa, “Afrique.”
The concept of One Africa, a connected, borderless continent where access leads to increased potential, is also evoked by Onafriq.
These days, the intricacy of cross-border transactions frequently prevents money from moving freely and hinders global trade. By tearing down these obstacles, Onafriq hopes to promote empowerment and economic progress.
Over 500 million mobile money wallets, 200 million bank accounts, and 300,000 agents in Nigeria are connected via Onafriq, a network that spans 40 African markets. This allows for both domestic and international disbursements and collections, card issuing and processing, agency banking, and treasury services.
Onafriq is bringing in a new era of access for people across the African continent and beyond by connecting global and regional enterprises, mobile network operators, money transfer operators, banks, fintechs, global development organizations, and online and offline merchants.
This is made possible by its strong regional presence in ten African offices, as well as those in the UK, US, and China, and its world-class regulatory and compliance capabilities.