MFS Africa, Africa’s most extensive digital payments network, has changed its name to Onafriq.
This was made clear in a statement that the financial technology business gave to reporters. In it, they revealed their new name.
The company said it decided to change its name because it has grown a lot and made a lot of purchases, including the latest purchase of GTP. This move helped the business reach more people in the US market.
When it tried to grow, it ran into trouble in the US because the MFS brand already belonged to another business there. Because of this, it was getting harder for MFS to use it outside of Africa. CEO and founder Dare Okoudjou thinks the new name will help the business unite everyone under one brand and identity.
“The name MFS Africa was getting too small for us, like an old jacket. We are now a true omni-channel platform across the continent and beyond, going beyond just mobile banking services. “As we start the next part of our journey, we wanted a name that reflects our goal of connecting all of Africa into one network of networks with routes from and to every African and every African business,” the CEO said.
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Onafriq reaches one African fintech network
The company Onafriq calls itself an “omnichannel network of networks.” It gives partners a single mechanism to maximize cross-border and cross-platform payment alternatives to make boundaries less significant.
It claims a network of over 300,000 Nigerian agents, 500 million mobile money wallets, and 200 million bank accounts in 40 African nations. Onafriq states this digital infrastructure allows cross-border payments and collections, card issuing and processing, agency banking, and treasury services.
The company claims its services connect global and local enterprises. This includes mobile network operators, money transfer businesses, banks, fintechs, global development groups, and online and offline stores. It claims world-class regulatory and compliance skills and a strong presence in Africa with 10 offices and others in the UK, US, and China.
Onafriq believes these new characteristics will allow more Africans and others to enter. It changed its name partly for this reason. The corporation stated that the renaming is more than a name change. It displays how the company has changed and its future goals.
“Onafriq, the new name, combines many powerful words: ‘Ona,’ Yoruba for paths, and ‘Afrique,’ French for Africa. In the announcement, MFS Africa pledges to be the brightest fintech game in Africa by referencing IQ.
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CEO Okoudjou explained that Onafriq evokes One Africa, a borderless continent where access unlocks potential.
To construct a 100-year payment infrastructure that covers all of Africa was my ambition from the start. He hoped we could achieve it and make boundaries matter less.
Cross-border transactions are complicated in today’s fragmented payment landscape, hindering money flow and international trade. By removing these impediments, Onafriq hopes to boost economic growth and empowerment.
Partners, stakeholders, and the entire African community are invited to join the group on this exciting journey of innovation, collaboration, and development to make borders matter less for millions of Africans.