Ripple partner MFS Africa changes its name to Onafriq

MFS Africa is a rapidly growing African digital payments network, with ripplerenamed to “OnafricXRP influencer WrathofKahneman said.

WrathofKahneman noted in a post on X that MFS Africa is a partner of the company Blockchain Ripple uses On-Demand Liquidity (ODL) solution.

MFS Africa is the abbreviation of Mobile Financial Services and is part of the Pan-African Payments and Stability System (PAPSS).

MFS-Africa, #ripple Partner (ODL) has been renamed “Onafriq”. (“MFS” is a confusing thing in the US). They are an important large-scale payments platform and part of the Pan-African Payments and Settlement System (PAPSS). CEO Dare Okoudjou is a SWELL ’23 speaker.https://t.co/4o61c6ucZS

— Angry Kahneman (@WKahneman) November 1, 2023

However, as WrathofKahneman points out, MFS’s trademark belongs to an unrelated US company, which complicates matters for MFS Africa. The payment network solved this problem by changing its name to Onafriq.

Onafriq founder and CEO Dare Okoudjou explained that the rebrand follows significant expansion, including the acquisition of Partners technology Fintech Global, headquartered in the United States, is Africa’s leading prepaid card processor.

The name MFS Africa is becoming increasingly difficult for us as we move beyond mobile financial services to become a true omni-channel platform across the continent and beyond. “

Okuju said Onafriq has many meanings. “Ona” means road in Yoruba, symbolizing connection, while “afriq” comes from the French word for “Africa”. The inclusion of IQ implies intelligence.

Okuju noted that Onafriq evokes African unity through smart connectivity and shared infrastructure. It also proposes the concept of “One Africa” ​​with open borders, convenient transportation and greater potential.

In his statement, Okuju concluded that his hope is to build a payments infrastructure that reaches every corner of Africa and lasts for more than 100 years.

By growing beyond its original name, Onafriq hopes to demonstrate its growth into Africa’s leading financial network.

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