Ayodeji Ayenuwa
Onafriq, formerly known as MFS Africa, has recently rebranded in response to its expansion and trademark challenges, primarily in the United States.
The company’s new name reflects its evolution from a mobile financial services provider to an omni-channel platform across Africa.
“The trademark ‘MFS’ actually belongs to another company in the US, and our ability to use it outside of Africa was becoming difficult,” explained Dare Okoudjou, founder and CEO of Onafriq.
This trademark issue came to light following the company’s acquisition of the US-based Global Technology Partners (GTP) last year, which expanded its footprint in the United States.
Robert Merrick, founder, and chair of GTP, emphasizes this shift, saying, “We are focused on adding new features and functionalities to our platform and making a significant contribution to growing MFS Africa’s business.”
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The inspiration for the name Onafriq is derived from a fusion of significant words. “Ona,” the Yoruba word for pathways, combines with “Afrique,” the French word for Africa. The name also subtly nods to IQ, symbolizing the company’s dedication to being a leader in intelligent African fintech.
Onafriq’s primary objective remains to streamline cross-border transactions and facilitate the free flow of money throughout Africa. The company’s extensive network encompasses 40 African markets, linking over 500 million mobile money wallets, 200 million bank accounts, and 300,000 agents in Nigeria.
It serves as a crucial intermediary for global and regional enterprises, banks, fintech companies, and online and offline merchants.
As Dare Okoudjou, the CEO, puts it, “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.”
This rebranding signifies Onafriq’s commitment to innovation, growth, and creating a more interconnected African financial landscape.
Techrectory with Agency Report.
