onafriq

What onafriq does

Onafriq (formerly MFS Africa) is a private, venture-backed pan-African digital payments network founded in 2009 by Dare Okoudjou and headquartered in London, with operational roots in Johannesburg. The company operates a "network of networks" that connects approximately 1 billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors across 43 African markets through a single API. Its core platform is built around the MFS Africa Hub, which orchestrates real-time collections, disbursements, card issuance, multi-currency treasury, and stablecoin settlement across diverse rails (mobile money, bank accounts, card networks, and cash agents). Notable technology components include direct integration with the Pan-African Payment and Settlement System (PAPSS), USDC settlement via Circle and Conduit, Ripple-based corridors, a prepaid card issuance stack inherited from the 2022 acquisition of Global Technology Partners, and a developer-facing API (apidocs.beyonic.com).

The company monetizes primarily through transaction processing fees on collections, disbursements, cross-border payments, card programs, and FX/treasury services, supplemented by recurring enterprise API access fees and a B2B channel via payment orchestrators such as Yuno. Customer segments span global enterprises (Visa, PayPal/Xoom, Spotify, M-KOPA, Glovo), mobile network operators (MTN, Airtel, Orange, Vodacom/M-Pesa, Safaricom), banks (Ecobank, Absa, Access Bank, UBA), fintechs (Flutterwave, VALR, 4G Capital), money transfer operators (WorldRemit, MoneyGram), and humanitarian/government organizations (USAID, IFAD, One Acre Fund, World Vision, Save the Children). Distribution in Nigeria runs through the Baxi super-agent network of 460,000+ agents acquired in 2021. Onafriq maintains ISO 27001, CMML3, PCI DSS, and SOC 2 Type 2 certifications and holds local regulatory licenses including a CBN Payment Service Provider license in Nigeria and a Bank of Ghana-approved cross-border payments pilot.

Name

onafriq

Legal name

Onafriq

Website

https://onafriq.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Onafriq is a pan-African digital payments network connecting 1 billion mobile wallets, 500 million bank accounts, and 2,000 corridors across 43 African markets via a single API, serving MNOs, banks, global enterprises, fintechs, and humanitarian organizations with collections, disbursements, card issuance, treasury, and stablecoin settlement.

Ownership category

akta.pro rank

Product category

Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

akta.pro secondary industries

Cross-Border Payouts & Mass Disbursements (Pay-outs) (FSAMAIAJ), Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace) (FSAGAKAC), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Trade & Invoice Payments (Cross-Border B2B) (FSAMAIAL)

Keywords

• Cross-border payments
• Mobile money payments
• Payment infrastructure
• Payment gateway
• Digital wallet network

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices13 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Transaction Processing Fees: Fees charged on payment transactions processed through the network including collections, disbursements, and cross-border payments. Revenue scales with transaction volume across 43 African markets.
2. API Access and Integration Services: Revenue from enterprise API integration and ongoing access to payment infrastructure services for global merchants, banks, fintechs, and MNOs.
3. Card Program Management: Revenue from card issuance and processing services including physical/virtual prepaid cards, card-to-wallet transfers, and cross-border card transactions.
4. Treasury and FX Services: Multi-currency management and FX services enabling businesses to transact across African currencies with consolidated settlement.
5. Agent Banking (Baxi): Nigeria super-agent network (460,000+ agents) providing offline collection and cash disbursement services.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Onafriq operates a Pan-African digital payments network providing a single API integration that connects businesses to 43 African markets, enabling real-time collections from and disbursements to mobile wallets, bank accounts, cards, and cash pickup points. The company offers five integrated service modules: Collections, Disbursements, Card Issuance and Processing, Treasury Services (multi-currency management), and Agent Banking via the Baxi network (460,000+ agents in Nigeria). Revenue is earned through transaction processing fees, API access subscriptions, card program management, and FX/treasury services for global enterprises, banks, fintechs, money transfer operators, and government organizations.

Product overview

Onafriq operates as a comprehensive pan-African digital payments network offering a platform-plus-modules architecture. The core Onafriq Platform provides a unified API connecting businesses to 43 African markets, 1 billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors. The platform comprises five integrated service modules: Collections (accepting cards, cash, and mobile wallets), Disbursements (real-time payment payouts), Card Issuance and Processing (physical/virtual prepaid cards), Treasury Services (multi-currency management), and Agent Banking via the Baxi sub-brand (460,000+ agents in Nigeria). Additional products include the Onafriq App for SMEs and Visa Pay for mobile money-card interoperability. All services are accessible through a single API integration, with operations spanning 13 offices across Africa, UK, US, and China.

Differentiator

Problem solved

Functional benefit

Brands

• Baxi: Agent banking service in Nigeria enabling cash disbursements, offline collections, and bank account payments through a network of 460,000+ agents across all 36 Nigerian states
• Onafriq App

Products and services

• Collections Payment collection service enabling businesses to accept payments from customers through cards, cash, or mobile wallets across African markets via a single integration. Designed for global merchants, fintechs, and enterprises seeking omnichannel collection capabilities.
• Disbursements Fast and secure payment disbursement service for multiple use cases with single integration and real-time transaction capabilities across African payment rails. Enables businesses to send payments to mobile wallets, bank accounts, and cash pickup points across 43 African markets.
• Card Issuance and Processing Physical and virtual prepaid card program issuance and processing service. Enables businesses to launch card offerings and scale into new markets with interoperability between card networks and mobile money, including card-to-wallet and wallet-to-card transfers.
• Agent Banking (Baxi) Super-agent network service in Nigeria operating as Baxi with over 460,000 agents nationwide. Enables businesses to send and receive payments to Nigerian customers through cash or bank transfers, providing last-mile payment reach across all 36 Nigerian states.
• Treasury Services Multi-currency management service providing access to multiple currencies across Africa. Reduces complexities of cross-border currency handling and eliminates the need for large correspondent banking networks, with stablecoin settlement options (USDC) where regulation permits.
• Onafriq Platform Africa's largest digital payments gateway providing a unified API connecting businesses to 43 African markets, 1 billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors. Powers the full payment lifecycle including real-time disbursements, omnichannel collections, card issuance, treasury management, and stablecoin settlement.
• Onafriq App Mobile application for SME customers to manage payments, collections, and disbursements on the Onafriq network.
• Visa Pay Payments-as-a-Service platform enabling mobile money interoperability with Visa's card network. Launched in Democratic Republic of Congo, bridging mobile money platforms (M-Pesa, Airtel Money, Orange Money) with digital card payments to accelerate financial inclusion.

Quantifiable outcome

• 33% month-on-month growth in transaction volumes for M-KOPA digital financing partnerships
• +3 more outcomes

Named customers24 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature7 records

Partnerships

19 partnerships are on record, tiered core and minor.

• Yuno (integration)coreStrategic or Co-development Partner · 10 June 2026Yuno integration providing single connection point for merchants seeking access to African payment rails. Addresses challenges of multiple local payment systems, varying regulatory frameworks, and disconnected financial infrastructure through one orchestration layer.
• YunocoreStrategic or Co-development Partner · 9 June 2026Strategic partnership integrating Onafriq's Pan-African payment network into Yuno's orchestration platform. Yuno's clients gain instant access to 43 African markets, nearly 1 billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors via single API. Partnership live across Egypt, Ghana, Kenya, Nigeria, Cameroon, Côte d'Ivoire, and Uganda.
• VALRcoreStrategic or Co-development Partner · 17 April 2026Partnership enabling VALR users across 43 African markets to fund crypto accounts using mobile money in local currencies (KES, UGX, XAF, ZMW, CDF). Leverages Onafriq's network of nearly 1 billion mobile money wallets with settlements processed using stablecoins. VALR serves over 1.7 million users and 2,000 institutional clients.
• Visa Africa Fintech AcceleratorminorStrategic or Co-development Partner · 17 April 2026Participation in Visa Africa Fintech Accelerator ecosystem. Partnership with Credable for digital credit expansion through Onafriq's payment network.
• RipplecoreTechnology or Integration · 1 March 2026Partnership facilitating digital asset-enabled cross-border payments between Africa and new markets including UK, Gulf Cooperation Council, and Australia. Opens three new payments corridors connecting PayAngel, Pyypl, and Zazi Transfer customers to Onafriq's pan-African network spanning 27 countries and 500 million mobile wallets.
• ConduitcoreTechnology or Integration · 22 February 2026Stablecoin infrastructure partnership enabling instant cross-border transactions using blockchain-backed stablecoins across 40+ African countries. Onafriq uses Conduit's technology for treasury management and customer payouts. Conduit reported 80% growth in African customer base between Q3-Q4 2025.
• Conduit (stablecoin)coreTechnology or Integration · 10 February 2026Cross-border stablecoin payments partnership enabling more merchants to access local payment methods and faster stablecoin-based transactions across Africa. Initial focus on treasury operations with USDC conversion via off-ramp channels.
• PAPSS (Pan-African Payment and Settlement System)coreStrategic or Co-development Partner · 8 February 2026First wallet-based outbound payments pilot from Nigeria to Ghana, fully in Naira and instant without hard currency conversion. Approved by Central Bank of Nigeria, operational from December 1, 2025. Connects over 1 billion mobile wallets with PAPSS network of 160+ commercial banks across 19 African countries. Supports AfCFTA mandate.
• VisacoreStrategic or Co-development Partner · 12 September 2025Visa Pay launch in DRC - Payments-as-a-Service platform enabling mobile money integration for digital payments. Collaboration bridges Visa's global card network with Onafriq's mobile money infrastructure to accelerate financial inclusion in a market projected to reach $3.85 billion in transaction value with 19% CAGR.
• PAPSS (Ghana pilot)coreStrategic or Co-development Partner · 16 July 2025Cross-border payment service launch in Ghana through PAPSS partnership. Six-month pilot program approved by Bank of Ghana, with Afreximbank serving as settlement entity. Enables faster, cost-effective transactions for SMEs and individuals using local currencies.
• PAPSS (Intra-Trade)coreStrategic or Co-development Partner · 3 July 2025Intra-trade partnership with PAPSS operationalizing their 2022 partnership to promote intra-African trade and financial inclusion. Integrates informal cross-border transactions into formal payment systems.
• CirclecoreTechnology or Integration · 3 May 2025Partnership to power remittances and cross-border payments with USDC stablecoin. Integration into Circle Payment Network enabling partner financial institutions to convert fiat to stablecoins, process via blockchain, and convert back to fiat.
• United Bank for Africa (UBA)coreStrategic or Co-development Partner · 20 November 202410-year partnership for prepaid card solutions across Africa, starting with UBA's acquisition of Banque Internationale du Burkina (BIB) and Africard - the first Visa prepaid card in West Africa. Enables unbanked individuals to obtain prepaid cards without bank accounts.
• M-KOPAcoreStrategic or Co-development Partner · 23 July 2024Digital financing partnership streamlining payment operations for M-KOPA's loan disbursements and repayments. Onafriq's solution enabled 33% month-on-month growth in transaction volumes in 2023 and cross-border expansion from Uganda to Kenya.
• M-PESA SafaricomcoreStrategic or Co-development Partner · 19 March 2024International Money Transfer Agreement enabling individuals in Ethiopia to receive remittances from different parts of the world through M-PESA. Leverages Onafriq's extensive network connecting 500 million mobile money wallets and 200 million bank accounts for domestic and cross-border disbursements.
• IFAD (International Fund for Agricultural Development)coreStrategic or Co-development Partner · 12 September 2022$1.3 million EU-funded grant for multi-year project enabling and scaling digital international remittances across 13 remittance corridors (11 EU-Africa routes, 2 intra-African). Partnership with IFAD's Financing Facility for Remittances (FFR) - largest award allocated by FFR to a private organisation.
• XOOM (PayPal)coreChannel Partner/ Reseller/ Distributor · 9 December 2020Partnership enabling secure mobile money transfers to Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe from UK, Europe, and North America. Xoom connects to MFS Africa's digital payments hub - the largest in Africa - connecting over 200 million mobile wallets via single API.
• WorldRemitcoreChannel Partner/ Reseller/ Distributor · 24 July 2019Mobile money partnership expanding WorldRemit's African presence to 5 new countries via Airtel (Malawi, Niger), Orange (Madagascar), Vodacom (Mozambique), and MTN (Guinea). Enables instant, low-cost transfers to 15 million mobile money users.
• EcobankcoreStrategic or Co-development Partner · 12 December 2018Digital payment partnership enabling cross-platform payment services for Ecobank account holders. Partnership allows customers to send/receive money to/from over 170 million mobile money users through integration covering all Telcos in MFS Africa Hub. Supports both domestic and cross-border intra-Africa transfers.

Scale indicators10 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• M-Pesa (Vodafone/Safaricom): Africa's flagship mobile money platform with deepest penetration in East Africa. Direct interoperability partner of Onafriq but also a strategic competitor expanding its own cross-border remittance and merchant payment capabilities.
• DPO Group (Network International): Pan-African payment service provider offering merchant acquiring, payment gateway, and switching services across multiple markets. Competitor for enterprise payment processing and partner for cross-border disbursements.
• Paystack (Stripe): Nigeria-originated payment gateway (acquired by Stripe) focused on developer-first collections and disbursements across West Africa. Competes for the same global merchant traffic that Onafriq targets via its single API.
• Flutterwave: Pan-African payment gateway offering collections, disbursements, and cross-border APIs to merchants and fintechs. Directly competes with Onafriq's enterprise collections/disbursements stack and is a confirmed partner/customer relationship in Onafriq's customer roster.
• Interswitch: Largest Nigerian payments processor with Verve card scheme, Quickteller, and enterprise payment infrastructure. Closest Africa-headquartered comparable with overlapping card issuing, switching, and merchant acquiring capabilities.
• WorldRemit: International digital remittance operator with deep African mobile money payout coverage. Both an Onafriq channel partner and a competitor for cross-border consumer remittance flows.
• Cellulant: Pan-African payments platform offering Tingg (single API for collections, disbursements, and bank/wallet connectivity). Direct competitor to Onafriq's hub-and-spoke integration model across multiple African markets.
• MTN Group MoMo: Largest African mobile money operator spanning more than a dozen markets. Both a major customer/partner of Onafriq and a structural competitor building proprietary cross-border interoperability (e.g., MTN GlobalConnect).

Emerging players

• Chipper Cash: Africa-focused cross-border P2P payments and remittance fintech. Partial overlap with Onafriq's disbursements and remittance value proposition, particularly for intra-African consumer corridors.

Broad incumbents

• Visa Direct / Visa: Global card network pushing into account-to-account and cross-border push payments (Visa Direct, Visa Pay). Strategic partner in DRC but also a broad incumbent whose direct scheme integrations can disintermediate Onafriq for the largest enterprise corridors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mfs-africa
• Xx.com/mfs_africa
• Facebookfacebook.com/MFS-Africa-155128904550339

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about onafriq