mfs africa transforms into onafriq as it expands fintech ambition

  • 02 Nov 2023
  • 1779
MFS Africa, a prominent digital payments network, has taken on a new identity: Onafriq. This rebranding, the company says, signifies more than just a change in name as it mirrors the companys evolution and its ambitious vision for the future.
Dare Okoudjou, the founder and CEO, explained the rationale behind the change, noting that the name MFS Africa had become confining for the company as it expanded its services beyond mobile finance to become a versatile omnichannel platform across Africa and beyond.
The decision to rebrand follows significant growth and strategic acquisitions, including the recent addition of GTP, expanding the companys footprint into the US market. Okoudjou highlighted the legal constraints faced with the MFS trademark in the US, leading to the adoption of the new name, Techeconomy reports .
"The trademark MFS actually belongs to another company in the US, and our ability to use it outside of Africa was becoming difficult. With this new name, we can bring everybody together under one brand and identity, Okoudjou said, adding that the company wanted a name that mirrors its goal of connecting the entire continent into a seamless network, encompassing every African and business.
Onafriq, a fusion of Ona, Yoruba for pathways, Afrique, French for Africa, and a nod to IQ, emphasizing MFS Africas commitment to being a smart player in African fintech.
Onafriq, the company emphasises, embodies the concept of One Africa, an interconnected, borderless continent unlocking vast potential. Okoudjou emphasized his vision of building a payment infrastructure covering every corner of Africa, breaking down barriers hindering cross-border transactions, and fostering economic growth, and empowerment.
Since launching in 2009, MFS Africa (now Onafriq), has emerged as Africas premier digital payments network. A force to reckon with in the continents fintech landscape, the company facilitates seamless financial transactions, bolstering economic growth.
Over the years, Onafriq achieved significant milestones, including expanding its network to connect over 200 million mobile wallets across 60 countries, making it one of the largest digital payment ecosystems in Africa. The companys strategic acquisitions, such as the integration of Beyonic, a Ugandan-based digital payments services provider, further solidifies its presence, enabling it to serve enterprises in Ghana, Tanzania, Kenya, and Rwanda.
With a vision to enhance financial inclusivity, Onafriq has processed millions of transactions, empowering businesses and individuals alike. Their dedication to innovation and collaboration was exemplified by obtaining three licenses from the Bank of Uganda in November 2022, a testament to their commitment to revolutionising digital payments in Africa. Through its evolution into Onafriq, the company continues to shape the future of African fintech, bringing down borders, and fostering a connected, borderless continent.
In an era marked by fragmented payment systems, Onafriq aims to simplify cross-border transactions, facilitating the free flow of money and bolstering international trade. As Onafriq embarks on this journey, they welcome partners, stakeholders, and the entire African community to join them in pioneering innovation, collaboration, and progress. Their goal is clear: to make borders matter less for millions across the continent.
Under its new identity, Onafriq continues its mission to connect global and regional businesses, mobile network operators, financial institutions, fintech companies, and merchants, both online and offline.