“Can one company wire all 43 African nations into a single interoperable payments network and sell that access — across mobile money, cards, banks, and agents — to every global enterprise, PSP, and MTO that wants to move money on or off the continent?”
Founded in 2009 as MFS Africa to solve mobile money interoperability in Africa, the company spent its first decade building the infrastructure layer connecting fragmented mobile money schemes across African borders. A series of acquisitions (Beyonic 2020, BAXI 2021, GTP 2022) expanded the platform from pure network interoperability into B2B disbursements, agent banking, and prepaid card issuing — including a US foothold via GTP. The 2023 rebrand to Onafriq signals the shift from a mobile-money-centric identity to an omni-channel 'network of networks' targeting enterprises, PSPs, MTOs, and fintechs globally seeking African payment access.
MFS Africa (Onafriq) processes payments through Onafriq (self-operated).
MFS Africa (Onafriq)'s cards are issued through GTP (Global Technology Partners) (in-house).
MFS Africa (Onafriq)'s embedded insurance is provided by Inclusivity Solutions.
The Embedded Finance Index 2026 maps 3 layers in MFS Africa (Onafriq)'s stack: Payments / PSP (Onafriq (self-operated)); Card issuing (GTP (Global Technology Partners) (in-house)); Insurance (Inclusivity Solutions).
MFS Africa (Onafriq) was founded by Dare Okoudjou and is founded in 2009, headquartered in Johannesburg, South Africa.
MFS Africa (Onafriq) has raised $200M+ in total (latest round: Series C, 2022).
MFS Africa (Onafriq)'s acquisitions include GTP (Global Technology Partners) (2022), BAXI (2021) and Beyonic (2020).
Get a read on where your own stack stands against MFS Africa (Onafriq) and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.