- African digital funds community MFS Africa has rebranded as “Onafriq”.
- The brand new title “Onafriq” was chosen to resolve trademark points with an unrelated American firm.
- MFS Africa is a accomplice of Ripple and makes use of Ripple’s On-Demand Liquidity (ODL).
MFS Africa, fast-growing African digital funds community partnered with Ripple, has rebranded as “Onafriq”, in keeping with XRP influencer WrathofKahneman.
In a submit on X, WrathofKahneman famous that MFS Africa is a accomplice of blockchain firm Ripple utilizing its On-Demand Liquidity (ODL) answer. MFS Africa, which stands for Cellular Monetary Providers, can also be a part of the Pan-African Cost and Settlement System (PAPSS).
Nevertheless, as WrathofKahneman identified, the trademark for MFS belongs to an unrelated American firm, complicating issues for MFS Africa. The funds community has resolved this problem via its rebranding as Onafriq.
Onafriq founder and CEO Dare Okoudjou defined the rebrand got here after main growth, together with buying the US-based fintech International Expertise Associate, a number one processor for pay as you go playing cards in Africa.
The title MFS Africa was getting a little bit tight for us as we’ve grown past simply cell monetary providers, changing into a real omni-channel platform throughout the continent and past,” he stated.
Based on Okoudjou, Onafriq has a number of meanings. “Ona” means pathways in Yoruba, symbolizing connections, whereas “afriq” comes from the French phrase for Africa. The inclusion of IQ implies intelligence.
Okoudjou talked about that Onafriq evokes uniting Africa via sensible connections and shared infrastructure. It additionally suggests the concept of a “One Africa” with open borders, and the place entry allows larger potential.
Within the announcement, Okoudjou concluded his hope to construct a cost infrastructure that touches each nook of Africa and lasts 100+ years.
By outgrowing its former title, Onafriq hopes to show that it has advanced into a number one pan-African monetary community.
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