Pan-African Fintech Company MFS Africa Rebrands to New Identity
Pan-African fintech company that provides access to mobile money and interoperable digital payment solutions for African consumers, MFS Africa, has rebranded its new identity to Onafriq.
The rebrand follows significant growth and several acquisitions made by the firm in recent years and months. These acquisitions include GTP which helped MFS Africa expand into the U.S. which is what has brought about the need for a change of name.
The company expanded into the U.S. and discovered that MFS trademarks were held by another entity, hence the need for a rebrand.
Speaking on the company’s change of identity, CEO and founder Dare Okoudjou said,
“The trademark MFS belongs to another company in the US, and our ability to use it outside of Africa was becoming difficult. 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.”
Okoudjou added that since inception, his goal was to build a payment infrastructure that touches every corner of Africa and one that lasts for over 100 years.
Onafriq’s full-service digital network connects over 320 million mobile money wallets to enable cross-border payments for remittance companies, financial service providers, and global merchants.
The startup’s flagship business suite, brings digital traceability, control, and seamlessness to SMEs, enterprises, and impact organizations across the African continent. In the African market, it simplifies transactions through cashless payments that enable real-time business growth with quick, scalable options.
MFS Africa stands out as one of Africa’s most mature fintech infrastructure providers. It is an impressive example of a private platform enabling interoperability in Africa’s mobile money space on a global scale.
Despite the name change, the company’s vision is still firmly set on making cross-border transactions easier while also encouraging the free flow of money across African borders.
