Pan-African Fintech Onafriq Drops MFS Name, Signals Global Ambitions

06 Feb 2024

Fintech company Onafriq, formerly known as MFS Africa, has rebranded to bypass trademark hurdles in America. The company's previous name, MFS, is already trademarked by another company in the US, so the rebrand will allow Onafriq to operate under a single brand and identity across all markets.

In addition to the trademark issue, Onafriq CEO Dare Okoudjou said that the company's old name was "getting a little tight" as the company has expanded beyond mobile financial services into other areas such as agency banking and treasury services. The new name, Onafriq, is a combination of the Yoruba word for "pathways," the French word for "Africa," and a nod to IQ, symbolizing the company's commitment to becoming a leader in intelligent African fintech.

Onafriq has a vast network that spans 40 African markets, connecting more than 500 million mobile money wallets, 200 million bank accounts, and 300,000 agents in Nigeria alone. This reach enables a wide range of financial activities, including domestic and cross-border disbursements and collections, card issuance and processing, agency banking, and treasury services.

Okoudjou's goal is to build a payment infrastructure that touches every corner of Africa and lasts for over 100 years. He hopes that Onafriq can help to make borders truly matter less.

Last November, Onafriq obtained three licenses from the Bank of Uganda: PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument). This was a year after the startup acquired Beyonic, a Ugandan-based digital payments services provider. This is one of several expansion moves that Onafriq has made across the continent in recent times, including the acquisition of Nigerian super-agent Capricorn Digital Limited, Baxi.

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