MFS Africa
Pan-African mobile money hub enabling insurance distribution and payments across 43 African markets
Overview
MFS Africa, now operating as Onafriq since November 2023, is a digital payments infrastructure provider and insurance distribution enabler serving carriers, insurers, and financial institutions across Africa. The company operates a mobile money interoperability hub connecting over 400 mobile money providers, banks, and financial institutions across 43 African nations, with insurance premium collection and claims disbursement as core use cases.
The platform offers a single API integration through which insurers can collect premiums and pay claims via mobile wallets, bank accounts, or cash pick-up points in any supported currency. Products include Collections (multi-channel premium collection), Disbursements (claims payments and bulk payouts), Card Issuance (virtual and physical Visa prepaid cards), Agent Banking via its Baxi super-agent network in Nigeria (460,000+ agents), and Treasury Services for multi-currency operations. The developer API is available at developer.mfsafrica.com with support for synchronous disbursements, bulk payments, and bank-to-wallet transfers.
Founded by Dare Okoudjou in Johannesburg and incorporated in the UK, MFS Africa raised USD 200M across its Series C and Series C Extension rounds, with backers including AfricInvest FIVE, Goodwell Investments, LUN Partners Group, Admaius Capital Partners, Vitruvian Partners, and AXA Investment Managers. Notable insurance partnerships include a mobile life insurance product with Hollard Insurance in Ghana and a motorcycle accident insurance product (Zem Assur) with Group NSIA and MTN Benin.
Products & Services
Collections
Accepts payments via cards, cash, or mobile wallets through a single API integration. Supports premium collection for insurance products across African markets.
Key Features
- Multi-channel acceptance (mobile wallet, card, cash)
- Single API for all payment types
- Insurance premium collection workflows
Target Users: Insurers, financial institutions, NGOs
Disbursements
Provides payouts to mobile wallets, bank accounts, or cash pick-up points. Used for insurance claims payments, payroll, and bulk disbursements.
Key Features
- Payments to mobile wallets, bank accounts, and cash pick-up
- Bulk disbursement support
- Multi-currency payout across 43 African markets
Target Users: Insurers, enterprises, NGOs
Card Issuance and Processing
Physical and virtual prepaid Visa card offerings. MFS Africa holds live BINs in 34 African markets.
Key Features
- Virtual and physical card creation and management
- Visa-branded prepaid cards
- 34 markets with live BINs
Target Users: Fintechs, financial institutions
Agent Banking (Baxi)
Nigerian super-agent network providing last-mile financial services.
Key Features
- 460,000+ agents nationwide in Nigeria
- Payments, deposits, and withdrawals
- Last-mile access for underserved communities
Target Users: Consumers, SMEs in Nigeria
Treasury Services
Multi-currency treasury access across Africa, reducing correspondent banking complexity.
Key Features
- Multi-currency account management
- Cross-border payment corridors (2,000+)
- Reduced correspondent banking friction
Target Users: Enterprises, financial institutions operating across multiple African markets
Insurance Distribution API
Via the MFS Hub API, insurers collect premiums and pay claims using mobile money, bank, or cash pick-up in any currency through a single wallet.
Key Features
- One API for premium collection and claims disbursement
- Any-currency, any-channel settlement
- Supports mobile life, accident, and micro-insurance products
Target Users: Insurers, carriers, MGAs distributing insurance products in Africa
At a Glance
- Founded
- 2009
- Headquarters
- London, UK (operational HQ: Johannesburg, South Africa)
- Employees
- 201-500
- Funding
- Series C+
Category & Focus
- Category
- Insurtech Infrastructure
- Subcategories
- Payments Infrastructure Insurance Distribution API Platform
- Insurance Verticals
- Life & Annuity Specialty/E&S
- Target Customers
- Carriers, MGAs/MGUs
Customers
- USAID
- Spotify
- WorldRemit
- PayPal / Xoom
- MoneyGram
- Alipay
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Last updated: 2026-06-03