“Can a single 'network of networks' interconnect every mobile wallet, bank account, card and agent across Africa — and bridge them to global rails like Visa, stablecoins, and remittances?”
Founded 2009 as MFS Africa, a mobile money switch interconnecting carrier wallets. Expanded via acquisitions (Baxi/Capricorn agency banking in Nigeria, Beyonic) into a full omnichannel payments network spanning wallets, bank accounts, cards and agents. Rebranded to Onafriq in 2023 to reflect the broader 'network of networks' positioning. Now pushing into card issuing/processing (Visa Pay DRC) and stablecoin rails (Circle partnership) — positioning as the connective tissue between African mobile money and the global financial system.
Onafriq discloses Onafriq (self-operated network of networks) as its banking provider, according to the Embedded Finance Index 2026.
Onafriq does not disclose a bank charter of its own; its banking services are provided through Onafriq (self-operated network of networks).
Onafriq processes payments through Onafriq Collections (self-operated), Onafriq Card Collections API (self-operated), Onafriq Mobile Collections API (self-operated) and Visa Pay (Onafriq + Visa, self-operated PaaS in DRC).
Onafriq's cards are issued through Onafriq Card Issuing API (self-operated, Visa & Mastercard BIN sponsorships across SSA).
Onafriq uses Onafriq FX & Treasury Services (self-operated) for FX and cross-border payouts.
Onafriq's crypto products run on Circle.
The Embedded Finance Index 2026 maps 5 layers in Onafriq's stack: Payments / PSP (Onafriq Collections (self-operated), Onafriq Card Collections API (self-operated), Onafriq Mobile Collections API (self-operated) and Visa Pay (Onafriq + Visa, self-operated PaaS in DRC)); Banking / BaaS (Onafriq (self-operated network of networks)); Card issuing (Onafriq Card Issuing API (self-operated, Visa & Mastercard BIN sponsorships across SSA)); FX & payouts (Onafriq FX & Treasury Services (self-operated)); Crypto (Circle).
Onafriq was founded by Dare Okoudjou and is founded in 2009, headquartered in Johannesburg, South Africa (with London, UK office at 51 Eastcheap).
Onafriq has raised $217.7M in total (latest round: Series C, 2021).
Get a read on where your own stack stands against 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.