Dare Okoudjou, founder and CEO, MFS Africa.

Fintech MFS Africa has rebranded to Onafriq, which it says reflects the company's evolution and vision for the future.

The company says the decision to rebrand comes after several acquisitions and business growth, including the recent acquisition of Global Technology Partners, which expanded the company's reach to the US market.

It says the inspiration behind the new name, Onafriq, stems from the fusion of several words: ‘Ona’, the Yoruba word for pathways, ‘Afrique’, which is the French word for Africa, plus a nod to IQ.

Onafriq also calls to mind the idea of One Africa, says the company.

Dare Okoudjou, founder and CEO, says: "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."

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