• Friday, December 01, 2023
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MFS Africa renames to Onafriq for US expansion

MFS Africa acquires US-based global tech firm

MFS Africa, a pan-African mobile financial services provider, has announced that it is rebranding to Onafriq as part of its expansion into the United States.

According to Dare Okoudjou, founder and CEO the trademark MFS belongs to another company in the US, and their ability to use it outside of Africa was becoming difficult.

“With this new name, we can bring everybody together under one brand and identity.

Read also: MFS Africa partners Access Bank to enable outward remittances from Kenya, Nigeria

The company says the decision to rebrand also comes after significant growth and several acquisitions, including the recent acquisition of GTP, which expanded the company’s reach to the US market.

“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 said.

Okoudjou further 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.”

Read also: Western Union partners MFS Africa to scale cross-border transactions

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.

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

Read also: MFS Africa acquires US-based tech company for $34 million

The fintech serves as a pivotal link between global and regional enterprises, mobile network operators, money transfer operators, banks, fintech companies, global development organizations, as well as online and offline merchants. Furthermore, the company’s operations are bolstered by world-class regulatory and compliance capabilities, along with a robust regional presence through its 10 offices in Africa and additional locations in the UK, the US, and China.