MFS Africa has revealed that it will now go by a new identity. The African digital payments network will now be known as Onafriq. The decision to rebrand comes after significant growth and several acquisitions. This includes the recent acquisition of GTP, which expanded the company’s reach to the US market.
Dare Okoudjou, Founder and CEO of Onafriq, said: “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 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.
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“The trademark MFS actually belongs to another company in the US, and our ability to use it outside of Africa was becoming difficult. With this new name, we can bring everybody together under one brand and identity.”
What does Onafriq mean?
The inspiration behind the new name, Onafriq, has been revealed to stem from the fusion of several words: “Ona”, is the Yoruba word for pathways. While ‘afriq is derived from the French word for Africa, Afrique. Plus the inclusion of IQ, gives the implication of great intelligence for the company. Onafriq also calls to mind the idea of One Africa, an interconnected borderless continent where access unlocks greater potential.
Okoudjou added: “From the get-go, my goal was to build a payment infrastructure that touches every corner of Africa and that lasts for over 100 years. My hope is that we get to do that and that we get to make borders truly matter less.”
In today’s fragmented payment landscape, the complexity surrounding cross-border transactions often impedes the free flow of money and inhibits international trade. Onafriq, aims to break down these barriers, paving the way for economic growth and empowerment.
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