Africa’s digital payments network, MFS Africa has rebranded to Onafriq in a bid to unify its brand and identity.
According to Dare Okoudjou, founder and CEO, MFS Africa no longer captured the company’s expanded scope.
As Onafriq has evolved into an omni-channel platform across the continent and beyond, a new name was needed to reflect its aspiration of connecting the entire African continent into a comprehensive network.
“We wanted a name that reflects our vision of wiring up the whole continent into one network of networks with pathways from and to every African and every African business,” Okoudjou explains.
The decision to rebrand comes after significant growth and strategic acquisitions, including the recent acquisition of GTP, which expanded Onafriq’s presence in the US market.
The previous name, MFS Africa, posed challenges as the trademark belonged to another company in the US.
The name Onafriq is a fusion of powerful words. It combines “Ona,” the Yoruba word for pathways, with “Afrique,” the French word for Africa.
The inclusion of “IQ” signifies Onafriq’s commitment to being the smartest player in African fintech. The name also evokes the idea of One Africa, a borderless continent where access unlocks greater potential.
Okoudjou emphasizes his long-term goal of building a payment infrastructure that spans every corner of Africa and lasts for over a century. He hopes that Onafriq can make borders matter less and create an interconnected continent that facilitates economic growth and empowerment.
In today’s complex payment landscape, cross-border transactions often face obstacles that hinder the free flow of money and impede international trade. Onafriq aims to break down these barriers and pave the way for economic progress.