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- African digital funds community MFS Africa has rebranded as “Onafriq”.
- The brand new identify “Onafriq” was chosen to resolve trademark points with an unrelated American firm.
- MFS Africa is a companion 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 line with XRP influencer WrathofKahneman.
In a submit on X, WrathofKahneman famous that MFS Africa is a companion of blockchain firm Ripple utilizing its On-Demand Liquidity (ODL) resolution. MFS Africa, which stands for Cell Monetary Providers, can be a part of the Pan-African Fee 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 difficulty via its rebranding as Onafriq.
Onafriq founder and CEO Dare Okoudjou defined the rebrand got here after main enlargement, together with buying the US-based fintech International Know-how Companion, a number one processor for pay as you go playing cards in Africa.
The identify MFS Africa was getting slightly tight for us as we’ve grown past simply cellular monetary companies, turning 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 good connections and shared infrastructure. It additionally suggests the concept of a “One Africa” with open borders, and the place entry permits better 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 identify, Onafriq hopes to show that it has advanced into a number one pan-African monetary community.
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