This partnership enables VALR users across Africa to fund their accounts directly through mobile money in local currencies, significantly broadening access to digital financial services for millions of people.

Mobile Money’s Role in African Financial Inclusion

Mobile money serves as a foundational element of financial services in Africa, facilitating everyday transactions, remittances, savings, and credit in areas with limited traditional banking access.

According to the GSMA’s State of the Industry Report on Mobile Money 2025, global registered mobile money accounts reached 2.1 billion by the end of 2024, with over half a billion monthly active users.

The sector processed approximately 108 billion transactions valued at more than $1.68 trillion in 2024, reflecting 20% year-on-year growth in volume and 16% in value.

In Sub-Saharan Africa, mobile money continues to drive substantial economic impact, contributing around $190 billion to GDP in 2023 alone.

This growth is supported by interoperable networks that enable payments across major local currencies, including the Kenyan Shilling, Nigerian Naira, Ghanaian Cedi, and Ugandan Shilling, and through mobile money platforms such as M-Pesa and MTN MoMo.

In the majority of these markets, mobile money usage for domestic transactions far outweighs traditional methods such as credit cards and direct bank transfers, according to complementary insights from the World Bank’s Global Findex 2025 report, making acceptance of mobile money crucial to successful market entry.

Onafriq operates Africa’s largest digital payments network, connecting nearly 1 billion mobile money wallets across 43 markets. The integration utilises this extensive infrastructure to allow direct, local-currency deposits to VALR, settled in stablecoins or selected crypto, streamlining access and reducing dependence on conventional banking systems.

Enabling Broader Participation in VALR’s Financial Product Suite

Through this integration, with VALR and Onafriq processing all settlements using stablecoins, users in supported markets can deposit funds via mobile money and engage with VALR’s comprehensive offerings.

These include spot and margin trading for Bitcoin and over 100 crypto assets, tokenised real-world assets such as gold, equities, and private credit, yield products like lending and staking, and VALR Pay for efficient payments.

By integrating mobile money on-ramps, the partnership facilitates easier entry into global digital markets using established local payment methods.

VALR’s Leadership in Promoting Financial Inclusion

VALR holds a prominent position in Africa’s digital asset sector, serving over 1.7 million registered users and 2,000 corporate and institutional clients worldwide.

Licensed by South Africa’s Financial Sector Conduct Authority (FSCA) and with regulatory approval in Europe, VALR is dedicated to building inclusive financial systems.

“VALR’s partnership with Onafriq deepens our reach across Africa and the world, connecting many more countries and people to VALR’s wide array of crypto asset services and infrastructure,” said Farzam Ehsani, Co-Founder and CEO of VALR. “Mobile money has already reshaped financial access across the African continent. By enabling direct connections in local currencies, we offer millions a practical pathway to Bitcoin, stablecoins, tokenised gold, and more, as well as innovative financial tools, supporting greater economic participation for everyone.”

Dare Okoudjou, Onafriq’s founder and CEO, highlighted the significance of the partnership for financial connectivity across the continent.

“We are truly excited to welcome VALR onto the Onafriq Network, enabling their clients across Africa to transact freely with the 1bn mobile wallet users and hundreds of thousands of businesses already on Onafriq’s network.

VALR is a recognised pioneer and leader of Blockchain and Stablecoin technologies on the continent and we look forward to working with them to bring the many benefits of these technologies to people and businesses across Africa.”

This launch operationalises the partnership established in 2022, aimed at promoting intra-African cross-border trade and enhancing financial inclusion.

The service improves financial interoperability by making transactions faster, more convenient, and cost-effective for small and medium-sized enterprises (SMEs) and individuals.

Effective immediately, banks partnering with PAPSS and Onafriq’s authorised fintech, mobile money service providers and traditional partners in Ghana can enable their customers to send and receive money directly into mobile wallets and bank accounts.

This pioneering service aims to address the existing challenges of high transaction costs and opaque exchange rates, while further integrating informal cross-border transactions into the formal payment systems. The primary emphasis of this new service will be on SME and retail transactions.

As part of this pilot, Onafriq is leveraging PAPSS infrastructure and regulatory coverage to offer its fintech, mobile money, and traditional partners in Ghana unparalleled access to cross-border payment capabilities.

By participating in this arrangement, these partners benefit from the safeguards and efficiency of PAPSS’s framework.

The African Export-Import Bank (Afreximbank) serves as the settlement entity, ensuring trusted and timely settlement between parties.

Dare Okoudjou, founder and CEO of Onafriq, said,

“We are excited to be taking another step in operationalising our important partnership with PAPSS to bring this innovative cross-border payment solution to our users. This service is not just about convenience; it brings people together and enhances economic activity between Ghana and the region. We are dedicated to making financial services accessible to everyone and are proud to be at the forefront of this transformation. African borders are starting to matter less; this is Onafriq’s goal.”

Mike Ogbalu III, CEO of PAPSS, echoed this enthusiasm, saying,

“Today marks a significant milestone in our journey towards a more integrated financial landscape in Africa. Our partnership with Onafriq represents a commitment to empowering SMEs and individuals by simplifying cross-border transactions. We believe this service will help reduce the liquidity burden on participants while fostering financial inclusion across the region.”

The six-month pilot program – approved by the Bank of Ghana (BoG) – will allow Onafriq and PAPSS to assess transaction flows, user adoption, and foreign exchange performance while delivering better rates and more accessible services to customers.

This launch deepens the long-standing collaboration between Onafriq and PAPSS and reinforces their shared commitment to building infrastructure that empowers African businesses, individuals, and financial institutions across the continent.

The service will soon be available on mobile money and other fintech based wallets.

Starting as a mobile money switch, Onafriq has transformed into a full omnichannel payments network. It facilitates cross-border disbursements, collections, card issuance and processing, offline agent banking services, and FX & treasury services.

At its core, Onafriq is providing digital interoperability across mobile wallets, bank accounts, cards, and offline payment channels – bringing Africa closer to a seamless and integrated financial future.

“We remain fully committed to connecting every individual and business in Africa with each other and the world,” said Dare Okoudjou, founder and CEO of Onafriq. “Fifteen years ago, we set out with a bold ambition: to connect Africa’s mobile money systems and make borders matter less. What we’ve built since then is more than a network – it’s a pan-African infrastructure layer that has evolved in lockstep with the continent’s digital evolution. From mobile money to bank accounts, from remittances to real-time trade – we’ve grown as Africa has grown. I’m incredibly proud of what we’ve achieved and even more excited about the road ahead.”

From Mobile Wallet Interoperability to Omnichannel Infrastructure

Over the past 15 years, Onafriq has progressed from simply connecting mobile wallet schemes to a comprehensive interoperability layer for African finance, supporting various use cases from peer-to-peer transfers and merchant collections to card issuance, agency banking, and remittances.

Today, Onafriq’s network connects:

• 961 million registered mobile wallets
• 464 million registered bank accounts
• More than 2,000 cross-border payment corridors

This robust infrastructure has facilitated access and usage across the continent, enabling everyone from rural beneficiaries of social payments to global fintechs operating in Africa.

Looking Ahead

As Onafriq embarks on its next chapter, the company aims to develop a network with greater local relevance while maintaining the scale of its pan-African infrastructure.

“We are increasingly focused on creating infrastructure with local depth,” said Okoudjou. “A prime example is Nigeria, where we are developing a unique payments stack that combines the strength of our cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies. By building infrastructure that reflects local context, we can enable more relevant use cases – moving beyond large numbers of registered mobile money wallets to foster an ecosystem where usage is active, sustained, and impactful.”

“With our relentless focus on building the foremost pan-African cross-border payment network, we continue to invest in creating infrastructure with local depth,” said Okoudjou. “A prime example is Nigeria, where we are developing a unique payments stack that combines the strength of our cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies. By building infrastructure that reflects local context, we can enable more relevant use cases to foster an ecosystem where usage is active, sustained, and impactful.”

Onafriq is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments – a crucial step towards real-time, interoperable trade across African currencies.

These innovations align with the objectives of the African Continental Free Trade Area (AfCFTA) and are designed to help Africa bypass outdated payment systems in favour of a modern, mobile-first financial ecosystem.

With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity – both across borders and within local communities.

This rebranding is not just a name change but a reflection of the company’s evolution and its vision for the future.

As Dare Okoudjou, founder and CEO, puts it:

“The name MFS Africa, just like an old jacket, was getting a little tight for us as we’ve grown. We’ve expanded beyond just mobile financial services, becoming a true omni-channel platform across the continent and beyond. As we embark on this next phase of our journey, we wanted a name that reflects our aspiration of wiring up the whole continent into one network of networks with pathways from and to every African and every African business.”

The decision to rebrand comes after significant growth and several acquisitions, including the recent acquisition of GTP, which expanded the company’s reach to the US market.

“The trademark MFS actually belongs to another company in the US, and our ability to use it outside of Africa was becoming difficult,” noted Dare. “With this new name, we can bring everybody together under one brand and identity.

The inspiration behind the new name, Onafriq, stems from the fusion of several powerful words: “Ona”, the Yoruba word for pathways and the French word for Africa, Afrique – plus a nod to IQ, signalling MFS Africa’s commitment to being the smartest game in African fintech.

Onafriq also calls to mind the idea of One Africa, an interconnected borderless continent where access unlocks greater potential.

Okoudjou further added: “From the get-go, my goal was to build a payment infrastructure that touches every corner of Africa and that lasts for over 100 years. My hope is that we get to do that and that we get to make borders truly matter less.”

In today’s fragmented payment landscape, the complexity surrounding cross-border transactions often impedes the free flow of money and inhibits international trade. Onafriq aims to break down these barriers, paving the way for economic growth and empowerment.

As the group embarks on this exciting chapter, we invite partners, stakeholders, and the entire African community to join us on this path of innovation, collaboration, and progress to make borders matter less for millions of Africans on the continent.

The round was led by Admaius Capital Partners, taking the total amount raised in the series to $200 million. 

New investors, Vitruvian Partners and AXA IM Alts joined the extension, alongside existing investors, AfricInvest FIVE and CommerzVentures, who re-invested in the extension. Previous other investors include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme B.V., and Vlemeij B.V.

The new funding will further accelerate MFS Africa’s expansion plans across Africa, its integration into the global digital payment ecosystem, expansion into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and its ambitious growth plans for the BAXI network of merchants and agents in Nigeria and beyond.

Providers of debt financing included Stanbic IBTC Bank and Symbiotic. Stanbic IBTC Bank will be partnering with MFS Africa to support the growth of the recently acquired BAXI network of merchants and agents in Nigeria.

Since the first close of its Series C fundraise back in November 2021, MFS Africa has completed its acquisition of BAXI in Nigeria. 

BAXI has since received additional licenses from the Central Bank of Nigeria, including PSSP and PTSP licenses. 

It has also continued to build out its leadership team with the addition of Meghan Taylor – previously Partner at Boston Consulting Group – as Chief of Staff, responsible for business integration across the Group; and most recently, Julian Adkins – previously Africa CFO at Millicom (Tigo) – who has been appointed as Group Chief Financial Officer. Last week, MFS Africa announced its acquisition of Global Technology Partners (GTP) which will accelerate its offering of card connectivity to mobile money users.

Dare Okoudjou, founder and CEO of MFS Africa, commented, “With this US$100 million extension of our Series C fundraise we are thrilled to have the support of world-class investors Admaius, Vitruvian and AXA IM Alts, and for the continued support of existing investors, on our journey to making borders matter less when it comes to payments.

The strength of our business model is grounded on building a lasting digital infrastructure that unleashes and simplifies economic activities across the continent through any-to-any interoperability. Our multiple initiatives and solutions are providing access to Africans, at home and in the diaspora. We are building MFS Africa into a safe, sound, scalable and high impact pan-African payment infrastructure that will facilitate Africa’s rapidly growing commerce, both now and in the future.”

Marlon Chigwende, Managing Partner of Admaius Capital Partners, said: “What drew us to this deal is the quality of the team that Dare has assembled; it is outstanding. As an Africa focused private equity house investing in high impact sectors that drive social and economic transformation, our investment in MFS Africa is exactly what our existing investors are looking for, namely well managed, fast-growing, market leaders empowering financial connectivity and inclusion across the African continent.”

Joe O’Mara, Partner of Vitruvian Partners, said: “At Vitruvian Partners, our mission is to support the most ambitious and talented entrepreneurs and high growth companies to achieve their goals. We are delighted to be making our first investment in the continent with MFS Africa, and we believe that Dare and his team have built the foundations for a transformational business with strong long-term growth prospects.”

Jonathan Dean, Head of Impact Investing at AXA IM Alts, commented: “We are thrilled to invest in MFS Africa’s mission of accelerating digital financial inclusion, as this directly contributes to our broader impact goals of improving financial connectivity and reducing inequalities globally. Our investment will support the expansion of MFS Africa’s product offering and the creation of economic and societal value.”

FT Partners served as the exclusive financial and strategic advisor to MFS Africa in the Series C raise. This transaction underscores FT Partners’ deep domain expertise and unrivalled track record in the payments space across emerging markets, including Africa.

Based in Tulsa, Oklahoma, GTP is the leader in prepaid cards in Africa. Its platform is used by more than 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – across 34 countries. GTP is connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it processes prepaid cards. 

This new acquisition will allow MFS Africa to strengthen its offerings to the African gig economy, the business travel market and the millions of people who want to take advantage of global e-commerce using a card linked to a mobile money wallet – rather than a bank account – for smooth and secure online shopping.

Founder and Managing Director of MFS Africa, Dare Okoudjou said: “This is an important step for us and the African technology ecosystem, on several levels. The acquisition of a US company of the size and nature of GTP by an African technology company is something of a first, and we are delighted to welcome the GTP team to the MFS Africa family.

“His expertise will allow us to extend our value proposition of last-mile connectivity to banks, and to develop our card offer for mobile money users and other fintechs present on the continent. The acquisition presents immense growth potential and, with our expanded portfolio, we are now truly an omnichannel payments company.”

For his part, Robert Merrick, Founder and Chairman of Global Technology Partners, underlined: “It is thanks to our unique and flexible platform ensuring the success of prepaid card programs that GTP has been able to become the number one prepaid card in Africa. We have established ourselves on the continent thanks to our staff, who are very familiar not only with the prepaid card industry but also with the realities faced by African card users. 

“We match the right solution to the right markets with the right products. MFS Africa is ideal for GTP, and our goals are to add new features and functionality to our platform, expand our customer base, and expand into other countries.”

Following the acquisition of GTP, MFS Africa plans to further invest in GTP’s current card programs offered to banks and bring to them all the innovations and possibilities offered by the MFS Africa network – including interoperability, with mobile money. 

The company will also leverage GTP’s platform to more quickly set up card programs for mobile network operators and fintechs in Africa. Finally, MFS Africa intends to take advantage of GTP’s presence in the United States to develop its commercial activities in North America.