Building the Foundation for Financial Inclusion Across Africa

While many tech leaders chase consumer-facing innovation, Dare Okoudjou has quietly built a more essential piece of Africa’s digital economy. As founder of Onafriq (formerly MFS Africa), he created the continent’s most extensive payments network—connecting over 500 million mobile wallets and 200 million bank accounts across 40 countries.

The need for such infrastructure became clear as Africa’s mobile money revolution matured. Despite hosting roughly three-quarters of global mobile money activity, individual networks remained largely disconnected: a wallet in Ghana couldn’t easily send funds to one in Rwanda, and businesses faced complex processes when paying suppliers across borders.

“The continent’s payment systems were never designed to work together,” explains Okoudjou. “With 50+ countries, diverse regulatory frameworks, and over 40 currencies, we needed a unifying layer.” He envisioned a system that would not only facilitate transactions but also support long-term economic growth across the continent.

From Telecom Engineer to Infrastructure Pioneer

Okoudjou’s journey began with formal training in telecom engineering followed by an MBA from INSEAD. Before founding MFS Africa, he honed his expertise at MTN Group, where he developed mobile money strategies across 21 African countries.

This experience revealed a critical gap: while individual mobile money ecosystems showed promise, they were limited when it came to cross-border transactions. So in 2009, Okoudjou set out to build the missing infrastructure—a hub that would enable seamless interoperability between different payment networks.

The approach was deliberate and methodical, focusing on building robust connections rather than chasing consumer hype. While fintech investors funded flashy apps, Okoudjou’s team negotiated agreements with mobile operators, integrated APIs across multiple systems, and expanded a network of agents—all while navigating complex regulatory landscapes.

From Mobile Money Hub to Omni-Channel Network

The company’s rebrand from MFS Africa to Onafriq in November 2023 reflects its evolution beyond a simple mobile money aggregator. Through strategic acquisitions, including GTP (a prepaid card processor), Onafriq has become an omni-channel platform connecting mobile wallets, banks, fintechs, and even global payment networks.

Today, Onafriq facilitates critical financial flows across the continent—processing remittances from the African diaspora (which exceed $100 billion annually) and enabling cross-border payments for businesses of all sizes. The company’s work is particularly vital as intra-African trade grows and regional economic integration deepens.

“We provide a single, unobstructed route through a fragmented landscape,” Okoudjou explains—making it possible for money to move freely across borders and empowering individuals and businesses to participate more fully in the digital economy.