Onafriq

What Onafriq does

Onafriq is a pan-African digital payments gateway headquartered in London and incorporated in Mauritius, operating a network-of-networks platform that connects 1 billion mobile wallets, 500 million bank accounts, and more than 2,000 cross-border payment corridors across 43 African markets through a single RESTful API. Founded in 2010 (originally as MFS Africa, rebranded in 2021), the company offers five core service lines — Collections, Disbursements, Card Issuance (powered by its FASTBIN-certified platform), Agent Banking (via the 460,000+ Baxi super-agent network in Nigeria), and Treasury Services — supplemented by features including Smart Corridors for optimised routing, Stablecoin Settlement, Visa Pay, and Card-to-Wallet transfers. Technology is built around a cloud-native Payments-as-a-Service architecture with pre-existing card scheme certifications (VISA, Verve, Mastercard), ISO 27001, PCI DSS, SOC2 Type 2, and CMMI Level 3 compliance, anchored by 16 payment licences across Mauritius, Ghana, Nigeria, Tanzania, Rwanda, Uganda, DRC, and the UK.

Onafriq generates revenue primarily through transaction fees on cross-border and domestic digital payments processed across its network, supplemented by API access and integration services on a subscription basis, card issuance and processing fees, and agency banking transaction fees from the Baxi network. The go-to-market is API-first and enterprise-led, targeting MNOs, banks, money transfer organisations, fintechs, global enterprises, and government/development organisations through direct enterprise sales complemented by developer self-service onboarding. Customer relationships span tier-one partners including Visa, PayPal/Xoom, Ecobank, WorldRemit, MTN, Airtel, M-Pesa, Spotify, and emerging crypto platforms (VALR, Conduit). Strategic expansion is being driven by acquisitions (Beyonic, Baxi, GTP, Sochitel), regulatory-backed pilots with PAPSS, stablecoin integration with Conduit, and the Yuno orchestration partnership extending reach to global merchants.

Name

Onafriq

Legal name

Onafriq

Website

https://onafriq.com

Company type

Private

Founded year

2010

Headcount range

501–1,000 employees

Short description

Onafriq is a pan-African digital payments gateway connecting 1 billion mobile wallets, 500 million bank accounts, and 2,000+ payment corridors across 43 African markets via a single API. It serves MNOs, banks, MTOs, fintechs, and global enterprises with collections, disbursements, card issuance, agent banking, and treasury services.

Ownership category

akta.pro rank

Product category

Cross-Border Payments Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

akta.pro secondary industries

Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace) (FSAGAKAC), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Cross-border payments
• Mobile money network
• Payment infrastructure
• Digital remittance
• Payment processing API

Headquarters

HQ city

Gauteng

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, Supply Chain, Others

Revenue model

1. Payment Processing & Transaction Fees: Revenue generated from processing cross-border and domestic digital payments across the network. Partners pay for access to mobile wallets, bank accounts, and payment corridors through a single integration.
2. API Access & Integration Services: Revenue from providing API access to the payment network, including sandbox testing, technical support, and integration assistance.
3. Card Issuance & Processing: Revenue from card issuing and processing services through FASTBIN certification, supporting physical and virtual prepaid cards across VISA, Verve, and Mastercard schemes.
4. Agent Banking (Baxi): Revenue from agency banking services including cash-in/cash-out transactions, bill payments, and value-added services through the Baxi agent network in Nigeria.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Onafriq operates a pan-African digital payments network that connects 1 billion mobile wallets, 500 million bank accounts, and 2,000+ cross-border payment corridors across 40+ African markets through a single API integration. Its core service lines are Collections, Disbursements, Card Issuance (via FASTBIN), Agent Banking (via Baxi network), and Treasury Services, providing interoperability between mobile money operators, banks, money transfer organizations, and enterprises.

Product overview

Onafriq operates as a pan-African digital payments gateway and 'network of networks' platform. The core offering consists of Collections, Disbursements, Card Issuance (via FASTBIN), Agent Banking (Baxi), and Treasury Services, all accessible through a single API integration. The platform connects 1 billion mobile wallets, 500 million bank accounts, and 2,000+ cross-border payment corridors across 40+ African markets. Supporting features include Smart Corridors for optimized routing, Stablecoin Settlement for USDC-based treasury management, Visa Pay for card-mobile interoperability, and Card-to-Wallet Transfers for Ghana. Acquired capabilities include Baxi (Nigeria agent network), Beyonic (domestic payments/SME focus), Global Technology Partners (card connectivity), and Sochitel (airtime top-up).

Differentiator

Problem solved

Functional benefit

Products and services

• Collections Payment collection service allowing businesses to accept payments through cards, cash, and mobile wallets via a single integration on the Onafriq network. Designed for enterprises seeking pan-African payment acceptance.
• Disbursements Fast and secure bulk disbursement service with single integration and real-time transaction capabilities, supporting payouts to mobile wallets, bank accounts, and offline agents across Onafriq's network.
• Card Issuance and Processing Physical and virtual prepaid card issuing and processing service with VISA, Verve, and Mastercard certifications, featuring FASTBIN pre-existing BIN sponsorship for faster time-to-market and scale at launch.
• Agent Banking (Baxi) Nigeria-based super-agent network with 460,000+ agents providing agency banking services including cash withdrawal, money transfer, bill payments, airtime vending, and data subscription across all 36 Nigerian states.
• Treasury Services Multi-currency treasury management service providing access to multiple currencies across Africa with single currency settlement, competitive FX rates, and float continuity, reducing the need for a large correspondent banking network.
• Onafriq Network Platform Pan-African digital payments network connecting 1 billion mobile wallets, 500 million bank accounts, and 2,000+ cross-border payment corridors across 40+ African markets through a single API integration.
• FASTBIN Pre-existing card scheme certification and BIN sponsorship platform enabling faster time-to-market for prepaid card programs across Africa with support for VISA, Verve, and Mastercard schemes.

Quantifiable outcome

• 99.99% uptime for card processing
• +3 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability2 records

Feature4 records

Partnerships

18 partnerships are on record, tiered core and minor.

• YunocoreTechnology or Integration · 9 June 2026Strategic partnership integrating Onafriq's Pan-African payment network into Yuno's orchestration platform. Enables Yuno's global merchants to access 43 African markets, 1B mobile wallets, 500M bank accounts, and 2,000+ payment corridors through single API. Services live in Nigeria, Egypt, Ghana, Kenya, Cameroon, Côte d'Ivoire, and Uganda.
• VALRcoreTechnology or Integration · 9 April 2026Partnership enabling VALR's 1.7M+ users across Africa to fund crypto accounts using mobile money in local currencies. Connects VALR to Onafriq's network of nearly 1B mobile wallets across 43 markets. Deposits converted to stablecoins for trading.
• ConduitcoreTechnology or Integration · 13 February 2026Partnership to expand real-time stablecoin payments across African currencies. Enables Onafriq to on-ramp USDC payments, manage global treasury through stablecoins, and make same-day payouts. Conduit reported 80% growth in African customers Q3-Q4 2025.
• PAPSS (Pan-African Payment and Settlement System)coreStrategic or Co-development Partner · 4 February 2026Launched Africa's first wallet-based outbound payments pilot from Nigeria to Ghana, fully in Naira, instant, without hard currency conversion. Approved by CBN, operational from December 1, 2025 for six months. Connects 1B+ mobile wallets with 160+ commercial banks across 19 African countries.
• VisacoreTechnology or Integration · 11 September 2025Strategic partnership to launch Visa Pay in Democratic Republic of Congo. Cloud-native Payments-as-a-Service platform enabling consumers to fund digital wallets from mobile money channels (M-Pesa, Airtel Money, Orange Money). Bridges Visa's global card network with Onafriq's mobile money infrastructure.
• First Atlantic Bank & Agricultural Development BankcoreTechnology or Integration · 6 August 2025Partnership for card-to-wallet transfer feature in Ghana, enabling users to move funds between prepaid cards and mobile money wallets. Enabled through Onafriq's 2023 acquisition of Global Technology Partners.
• PAPSS (Pan-African Payment and Settlement System)coreStrategic or Co-development Partner · 28 June 2025Launched cross-border payment service in Ghana piloting outbound transactions. Six-month pilot approved by Bank of Ghana with Afreximbank as settlement entity. Enables faster, cost-effective transactions for SMEs and individuals.
• Global Technology Partners (GTP)coreStrategic or Co-development Partner · 1 February 2022Acquisition of GTP accelerating card connectivity to mobile money users. Based in Tulsa, Oklahoma, GTP supports 80+ banks across 34 African countries.
• BaxicoreStrategic or Co-development Partner · 20 October 2021Acquisition of Baxi, Nigeria's cash-in/cash-out operator. Baxi holds PSSP and PTSP licenses from CBN. 460,000+ agent network across Nigeria.
• Maviance PLCminorStrategic or Co-development Partner · 11 May 2021$3M seed investment in Cameroon-based fintech. Strategic investor leveraging Onafriq's pan-African infrastructure to deliver digital financial products in CEMAC region.
• Xoom (PayPal)coreTechnology or Integration · 9 December 2020Partnership enabling Xoom customers in UK, Europe, and North America to send money to mobile money wallets in Cameroon, Ghana, Rwanda, Uganda, Zambia, and Zimbabwe through MFS Africa Hub.
• BeyoniccoreStrategic or Co-development Partner · 30 June 2020Acquisition of Beyonic, provider of digital payment management solutions for SMEs, fintechs, and social impact organizations. Expands domestic payment capabilities and enterprise services.
• VisacoreTechnology or Integration · 18 December 2019Partnership to bridge Africa's mobile money ecosystem with digital payments. Onafriq distributes Visa payment credentials allowing mobile money users to generate virtual cards. Integration with Visa Direct for real-time push payments.
• WorldRemitcoreTechnology or Integration · 24 July 2019Partnership expanding mobile money transfers across Africa. WorldRemit's diaspora customers can send instant, low-cost transfers to 15M+ mobile money users through Onafriq network.
• EcobankcoreTechnology or Integration · 12 December 2018Digital payment partnership enabling Ecobank's 20M+ customers to send/receive money to/from 170M+ mobile money users. First major interoperability initiative between bank accounts and mobile money customers in Africa.
• SochitelminorStrategic or Co-development Partner · 26 July 2016Acquisition of international airtime top-up provider. Creates largest value transfer network focused on Africa with access to 320M+ mobile wallets and 50,000+ direct outlets.
• Airtel MalawicoreTechnology or Integration · 11 November 2015Launch of mobile money remittances from South Africa to Airtel Money customers in Malawi through MFS Africa Hub.
• MTN Rwanda/UgandacoreTechnology or Integration · 9 September 2015Launch of xP2P mobile-to-mobile remittance service between MTN Rwanda and MTN Uganda. Enables seamless cross-border transfers at fraction of current costs.

Scale indicators10 records

Recent moves14 records

Expansion highlights7 records

Peers

• Wave (Wave Senegal / Wave Mobile Money):

Direct peers

• Remitly: Digital remittance company serving diaspora senders with payouts to mobile wallets and bank accounts globally, including Africa. Comparable as a competing remittance payout platform for diaspora flows into African mobile money wallets.
• Interswitch: Nigeria-headquartered pan-African digital payments and commerce company operating Verve (card scheme), Quickteller, and payment processing infrastructure. Comparable as an African payment processor with card scheme, switching, and interoperability capabilities serving similar bank and merchant customers.
• Paystack: Stripe-owned African online payment gateway for businesses to accept payments via cards and mobile money. Comparable as an African payment API platform targeting developers and merchants, though more collection-focused than Onafriq's network-of-networks role.
• Thunes: Cross-border mobile payments network enabling real-time payouts to mobile wallets and bank accounts in 130+ countries. Closely comparable as a payments interoperability layer connecting global platforms to emerging market wallets and bank accounts.
• TerraPay: Cross-border B2B payments network connecting banks, mobile wallets, and remittance operators globally with focus on emerging markets. Directly comparable to Onafriq's "network of networks" positioning and B2B2C payout use cases, particularly in Africa and Asia corridors.
• dLocal: Cross-border payments platform specializing in emerging markets including Africa, enabling global merchants to accept local payment methods. Comparable as a cross-border emerging market payments enabler, though more collection/merchant-focused than Onafriq's mobile money interoperability focus.
• WorldRemit: Digital cross-border remittance platform sending money to mobile wallets and bank accounts across Africa and other emerging markets. Comparable as an Onafriq partner and competing remittance endpoint, with overlapping mobile-money payout capabilities.
• Flutterwave: Africa-focused digital payments gateway serving global merchants and African businesses with collection, disbursement, and FX capabilities. Closely comparable as a pan-African payment infrastructure player targeting similar enterprise and fintech customers, though more merchant-collection focused than Onafriq's mobile-wallet interoperability angle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/Onafriq
• LinkedInlinkedin.com/company/onafriq1

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Onafriq