Onafriq
“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?”
Founded2009
HQJohannesburg, South Africa (with London, UK office at 51 Eastcheap)
FoundersDare Okoudjou
Total raised$217.7M
Latest roundSeries C, 2021
IndustryInfrastructure / Payments
The story
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.
Last 12 months
Product timeline
2009
Founded as MFS Africa, a mobile money switch interconnecting African mobile wallets· pivot
2018
Series B led by LUN Partners — first African fintech backed by the China-based group· funding
2021
$100M Series C (equity + debt) led by AfricInvest, Goodwell, LUN Partners· funding
2022
Joined PAPSS (Pan-African Payment and Settlement System)· banking
2022
Acquired Capricorn Digital / Baxi, Nigerian super-agent network· acquisition
2023
Rebranded from MFS Africa to Onafriq· pivot
2024
Onafriq turns 15: ~1B mobile money wallets and 500M bank accounts connected· banking
2025
Partnership with Visa to launch Visa Pay in DRC (card↔mobile money interop)· card
2025
Partnership with Circle on stablecoin-enabled payment networks· pivot
Regulated entities
Payment licenses (16 across the group)
Mauritius, Ghana, Nigeria, Tanzania, Rwanda, Uganda, DRC, United Kingdom
Onafriq group entities
FSC license
Mauritius
Onafriq Mauritius
FCA authorisation
UK
Onafriq UK
The stack
Payments / PSP
Onafriq Collections (self-operated)Onafriq Card Collections API (self-operated)Onafriq Mobile Collections API (self-operated)Visa Pay (Onafriq + Visa, self-operated PaaS in DRC)
Banking / BaaS
Card issuing
FX & payouts
Crypto
Accounting gap: none