Source: The Fintech Times

Africa’s largest digital payments network, formerly MFS Africa, has officially unveiled a new identity, as it rebrands to Onafriq. The firm explained that the rebranding is not just a name change but a reflection of the company’s evolution and its vision for the future.

Its decision to rebrand to Onafriq follows significant growth and several acquisitions, including the recent acquisition of GTP, which has expanded the company’s reach to the US market.

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Dare Okoudjou, founder and CEO of the newly named Onafriq, explained the motivation behind the rebrand: “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 omnichannel 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 also explained how trademark difficulties had also presented challenges: “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.”

The inspiration behind the new name, Onafriq, stems from the fusion of several powerful words: ‘Ona’ the Yoruba word for pathways and the French word for Africa, Afrique – plus a nod to IQ, signalling MFS Africa’s commitment to being the smartest game in African fintech.

Onafriq also calls to mind the idea of One Africa, an interconnected borderless continent where access unlocks greater potential.

Okoudjou also 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 a 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, also paving the way for economic growth and empowerment.

As the group embarks on its next chapter, it is inviting partners, stakeholders, and the entire African community to join it as it looks to enhance innovation, collaboration, and progress in the region – ultimately making borders matter less for millions of Africans on the continent.

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Source: The Fintech Times