MFS Africa, fast-growing African digital payments network partnered with Ripple, has rebranded as “Onafriq”, according to XRP influencer WrathofKahneman.
In a post on X, WrathofKahneman noted that MFS Africa is a partner of blockchain company Ripple using its On-Demand Liquidity (ODL) solution. MFS Africa, which stands for Mobile Financial Services, is also part of the Pan-African Payment and Settlement System (PAPSS).
MFS-Africa, a #Ripple partner (ODL) has rebranded to “Onafriq”. (“MFS” belongs to a US confusing things). They are a key large payment platform and a part of the Pan-African Payment and Settlement System (PAPSS). CEO Dare Okoudjou is a SWELL ’23 speaker.https://t.co/4o61c6ucZS
— WrathofKahneman (@WKahneman) November 1, 2023
However, as WrathofKahneman pointed out, the trademark for MFS belongs to an unrelated American company, complicating things for MFS Africa. The payments network has resolved this issue through its rebranding as Onafriq.
Onafriq founder and CEO Dare Okoudjou explained the rebrand came after major expansion, including acquiring the US-based fintech Global Technology Partner, a leading processor for prepaid cards in Africa.
The name MFS Africa was getting a little tight for us as we’ve grown beyond just mobile financial services, becoming a true omni-channel platform across the continent and beyond,” he said.
According to Okoudjou, Onafriq has multiple meanings. “Ona” means pathways in Yoruba, symbolizing connections, while “afriq” comes from the French word for Africa. The inclusion of IQ implies intelligence.
Okoudjou mentioned that Onafriq evokes uniting Africa through smart connections and shared infrastructure. It also suggests the idea of a “One Africa” with open borders, and where access enables greater potential.
In the announcement, Okoudjou concluded his hope to build a payment infrastructure that touches every corner of Africa and lasts 100+ years.
By outgrowing its former name, Onafriq hopes to prove that it has evolved into a leading pan-African financial network.
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