Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 2 companies across 3 categories.
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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.
Other PSP providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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<img src="https://www.embeddedfinanceindex.com/api/badge/onafriq/install" width="1" height="1" alt="" style="display:none">2 companies disclose Onafriq in their stack in the Embedded Finance Index 2026, including MFS Africa (Onafriq) and Baxi by Onafriq.
Onafriq is an embedded-finance provider in PSP, BaaS and FX / Payouts. It ranks #306 of 538 PSP providers by disclosed buyers.
The most-disclosed PSP alternatives to Onafriq are Stripe (782 buyers), Adyen (278 buyers), PayPal (153 buyers), Checkout.com (113 buyers), Worldpay (89 buyers) and Mollie (64 buyers).
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.
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