Pan-African fintech firm MFS Africa rebrands as “Onafriq” amid trademark challenges

MFS Africa, a Pan-African fintech company, has today, announced it is rebranding and will now be known as Onafriq. This change is part of the company’s evolution and was necessitated by trademark issues in the United States.

According to Dare Okoudjou, the founder and CEO, “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 trademark challenge likely arose as MFS Africa expanded, including its acquisition of US-based Global Technology Partners (GTP) in a deal valued at $34 million.

After this acquisition, Robert Merrick, GTP’s founder and chair, expressed confidence, saying, “MFS Africa is a great fit for GTP, and we’re committed to enhancing our platform with new features and functions, contributing significantly to MFS Africa’s growth.”

GTP serves clients in 34 countries and collaborates with about 80 banks, including well-known African institutions such as UBA, Ecobank, Stanbic, and Zenith.

Apart from the trademark issues in the US, Onafriq’s CEO pointed out that “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 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.”

The inspiration for the name “Onafriq” is a combination of significant elements: “Ona,” representing the Yoruba word for pathways, “Afrique,” the French word for Africa, and a subtle reference to IQ, symbolising MFS Africa’s commitment to becoming a leader in intelligent African fintech.

Onafriq has a vast network spanning 40 African markets, connecting over 500 million mobile money wallets, 200 million bank accounts, and 300,000 agents within Nigeria.

Its extensive reach facilitates various financial activities, including domestic and cross-border disbursements and collections, card issuance and processing, agency banking, and treasury services.

The fintech serves as a crucial link between global and regional enterprises, mobile network operators, money transfer operators, banks, fintech companies, global development organisations, as well as online and offline merchants.

Additionally, the company’s operations are supported by robust regulatory and compliance capabilities and a strong regional presence with 10 offices in Africa, along with additional locations in the UK, the US, and China.

Okoudjou, the founder, expresses his long-term vision, saying, “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 November of the previous year, Onafriq (then known as MFS Africa) obtained three licenses from the Bank of Uganda: PSP (Payment Service Provider), PSO (Payment Systems Operator), and IPI (Issuer of a Payment Instrument).

This came a year after the company acquired Beyonic, a Ugandan-based digital payments services provider operating in Ghana, Tanzania, Kenya, and Rwanda.

Onafriq has been actively expanding its presence across the continent, including the acquisition of Nigerian super-agent Capricorn Digital Limited, Baxi.