Onafriq
Making borders matter less in payment transactions across Africa and beyond
What it does
Onafriq (formerly MFS Africa) was founded by Dare Okoudjou in 2003 to connect mobile money schemes, banks, and remittance operators into a single interoperable network. The company operates the largest digital payment gateway on the African continent, enabling seamless cross-border transfers. It regularly powers major intra-Africa remittance corridors and global money transfer connections.
Cross-border B2B paymentsMobile moneyCorrespondent banking / nostro-vostro solutionsDiaspora remittances
Known for
- Largest mobile wallet payment hub in Africa
- Cross-border digital remittance infrastructure
- Interoperable money transfer network
- Acquisition of GTP and expanding payments network
Model & industry
Infrastructure-as-a-Service (fintech rails)Marketplace / Aggregator modelAll / Cross-industry
Funding history
$100.0M
Total raised
1
Rounds
Series C
Latest stage
2022
Latest year
| Date | Stage | Amount | Lead investor |
|---|---|---|---|
| 2022-06 | Series C | $100.0M | Adamaius Capital Partners |
Source: Condia Funding Tracker
Products & subsidiaries
Onafriq Interoperability Hub · Cross-Border Payment Switching Network
Acquisitions
- Beyond Limits / Beyonic (2020). Acquired East African enterprise payment platform during early scaling phase.
- Paga (Strategic Partnership & Asset Integration) (2024). Deepened cross-border remittance clearing agreements.