Onafriq Secures $200 Million in Funding to Revolutionize African Payments Infrastructure

Onafriq, a trailblazer in creating the African payments infrastructure for the future, has announced a monumental funding round, successfully raising $200 million. As a company determined to connect businesses across the continent, Onafriq offers a comprehensive payment network that links over 500 million mobile money wallets, 200 million bank accounts, and 400,000 agents in Nigeria alone. The funding will be pivotal in enhancing our omnichannel capabilities, allowing for seamless domestic and cross-border disbursements, card issuing and processing, agency banking, and treasury services. This significant capital infusion reflects investor confidence in our vision of unifying financial services on the continent, streamlining transactions for both individuals and businesses alike. Notably, our innovative approach garnered recognition as the Fintech of the Year at the African Banker Awards in 2023, underscoring our commitment to transforming the financial landscape. As we expand our ‘network of networks,’ which effectively bridges mobile money operators, banks, fintech companies, and others, we are unlocking vast financial opportunities that ultimately promote economic growth and inclusivity across Africa. This newly acquired funding will not only bolster our existing infrastructure but also facilitate advancements in technology and regulatory compliance, ensuring we remain at the forefront of the evolving payments industry. At Onafriq, we believe that access begets growth, and we are excited to lead the charge in fostering an interconnected economy that positively impacts lives, communities, and nations across the continent. For updates on our journey and initiatives, please visit www.onafriq.com or reach out to us at info@onafriq.com.