In the quest to design seamless digital payment solutions for the African continent and beyond, emerging company Onafriq has expanded its reach to over 30 nations, creating access to borderless and domestic digital payments for millions of Africans and African businesses.
Reflecting its commitment to African culture, the company recently rebranded from MFS Africa, founded in 2009, to Onafriq. The new name derives from “Ona,” a Yoruba word meaning “road” or “path,” and a variation of “Afrique,” the French word for Africa, combined with “IQ” to signify the innovative solutions and talented team driving the company forward.
Founder and Chief Executive Officer (CEO), Dare Okoudjou, explained the rationale behind the rebranding: “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 omnichannel 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.”
Chief Operating Officer, Mxolisi Msutwana, added: “We took the word ‘Ona’ from Yoruba, which means road or path, and combined it with a variation of the French word ‘Afrique,’ which means Africa. The ‘IQ’ references the brilliant solutions we are building and the amazing team that is building them.”
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. The company bridges global and regional enterprises, mobile network operators, money transfer operators, banks, FinTechs, global development organizations, and online and offline merchants, supported by world-class regulatory and compliance capabilities and a strong regional presence with 10 offices in Africa, and additional offices in the UK, US, and China.
One of its products, Baxi, is one of Nigeria’s largest independent non-bank SME-focused electronic payment networks. It operates an omnichannel platform enabling digital payments through mobile, in-store locations, online, wallets, and B2B channels.
As a digital payments service, Onafriq has partnered with M-PESA and Safaricom, among other tech companies, to streamline remittance flows into Ethiopia. The company also partnered with Mastercard to improve payment options for consumers and small and medium enterprises (SMEs) in Africa. To enhance security for fintechs in the Middle East and Africa, Onafriq linked up with VGS and Alvieri, aiming to fast-track the payment token processes.
Notably, Onafriq acquired the US-based fintech company Global Technology Partners (GTP) for $34 million in cash and shares. In November 2022, Onafriq obtained three licenses from the Bank of Uganda (BoU), one year after acquiring Beyonic, a Ugandan-based digital payments services provider for enterprises operating in Ghana, Tanzania, Kenya, and Rwanda.
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Onafriq, with its expansive network across Africa, is committed to enabling financial access and fostering economic prosperity throughout the continent. The company is pivotal in connecting various payment schemes, facilitating a more inclusive and accessible financial landscape. Onafriq believes it is on a journey to become an omnichannel, multichannel digital platform for African consumers, connecting them to the rest of the world.
