Onafriq, formerly MFS Africa, undergoes a strategic rebrand to signify growth and a broader vision for the future in the digital payments sector.
The biggest digital payments network in Africa, formerly known as MFS Africa, has formally changed its name to Onafriq. The corporation clarified that the rebranding is a representation of the company’s future direction and progress rather than just a name change.
Its choice to change its name to Onafriq was motivated by the company’s rapid expansion and a number of acquisitions, notably the most recent purchase of GTP, which increased its market penetration in the US.
The reason for the rebranding was given by Dare Okoudjou, founder and CEO of the recently renamed Onafriq: “The name MFS Africa, just like an old jacket, was getting a little tight for us as we’ve grown.”
“We’ve developed into a full omnichannel platform that serves the entire continent and beyond, going beyond merely mobile financial services.
We needed a name for this next stage of our journey that would represent our goal of connecting every African and every African business to one network of networks as we set out to wire up the entire continent.
Additionally, Okoudjou described the difficulty arising from trademark issues, saying, “The trademark MFS actually belongs to another company in the US, and it was becoming difficult for us to use it outside of Africa.” We can unite everyone behind a single brand and identity with this new moniker.
The inspiration for Onafriq
The Yoruba word for roads, “Ona,” and the French word for Africa, “Afrique,” along with a nod to IQ, which represents MFS Africa’s dedication to become the smartest game in African fintech, are the sources of inspiration for the new name, Onafriq.
The concept of One Africa, a connected, borderless continent where access leads to increased potential, is also evoked by Onafriq.
“My goal was to build a payment infrastructure that touches every corner of Africa and that lasts for over 100 years,” Okoudjou continued. I sincerely hope that we are able to accomplish that and reduce the significance of borders.
Moreover the intricacy of cross-border transactions in a disjointed payment environment frequently obstructs the free movement of funds and hinders global trade. By removing these obstacles, Onafriq hopes to promote empowerment and economic progress.
In order to improve innovation, collaboration, and advancement in the area and, eventually, lessen the significance of borders for millions of Africans across the continent, the group is extending an invitation to partners, stakeholders, and the African community as a whole to join it as it begins its new chapter.
