For more than a decade, Dare Okoudjou has been building digital highways and fintech solutions that facilitate the flow of money across Africa’s borders. As the founder and CEO of Onafriq, he has connected nearly a billion mobile money wallets across more than 40 African countries, creating an infrastructure that, while often unseen, is depended upon daily by millions.
Despite Africa’s immense potential, Okoudjou has identified that the continent's most significant challenge is not what is commonly perceived.
After more than a decade building Onafriq, I’ve come to realise that the biggest blocker to Africa moving from ‘potential’ to reality is predictability, Okoudjou explains.
The continent's progress is not hindered by a lack of capital or infrastructure, as these resources are readily available and eager to be utilized. The core issue is their waiting for something more fundamental: certainty.
“Capital and infrastructure don’t lead; they follow,” he states. “They follow clear regulations, stable policy environments, and a degree of certainty that allows long-term bets to be made.”
When investors cannot foresee a clear regulatory trajectory, or when rules are subject to unpredictable shifts, the logical response is to wait, which has a devastating impact. Consequently, innovation stagnates.
This perspective is drawn from direct experience witnessing Africa's digital payments revolution.
Okoudjou highlights Côte d’Ivoire as a particularly surprising market. This West African nation has experienced remarkable growth, driven by companies like Djamo and Wave, which have effectively met consumers where they are with straightforward onboarding processes and services that address everyday needs.
“The competition there is intense and healthy, which pushes everyone to raise their game,” he observes. “When innovation meets consumer demand and strong fundamentals, adoption accelerates very quickly.“
The Hidden Cost of a Fragmented Continent
However, successful cases like Côte d’Ivoire exist within the broader context of Africa's profound fragmentation, a challenge that Okoudjou understands intimately.
With over 50 countries, many of which are economically sub-scale, utilizing more than 40 currencies, and operating under entirely distinct regulatory frameworks, the continent's payment systems were not originally designed for interoperability.
The costs stemming from this fragmentation are substantial, even if they remain largely invisible to the average user. “First, it raises direct transaction costs,” Okoudjou explains, as cross-border payments are often required to pass through multiple intermediaries, each levying a fee.
“Second, it increases FX costs. When two countries cannot settle directly, payments are routed through a third currency, usually USD, with FX spreads added at every step.“
Furthermore, there is the significant compliance burden. Each market imposes its own know-your-customer rules, data requirements, and reporting standards, compelling companies to develop custom processes for every country. “That slows down innovation and adds cost to every transaction,” he notes.
Despite these challenges, Okoudjou identifies opportunities even in the smallest markets. Countries like Lesotho or Togo can leverage their size as a strategic advantage. “Smaller markets can modernise regulation faster, test innovations quickly, and become hubs for cross-border services,” he argues. “In a connected Africa, size matters less than speed.“
This vision extends beyond consumer payments. While remittances from the African diaspora surpass $100 billion annually, small businesses attempting to conduct trade across African borders continue to face immense operational friction.
The Onafriq CEO outlines three essential requirements to address this:
- •Bilateral agreements that facilitate the free flow of money in both directions,
- •Regulatory harmonization to relieve providers from navigating a multitude of different rule sets,
- •And cost structures that can effectively compete with informal systems while simultaneously offering the transparency of formal channels.
His rebranding from MFS Africa to Onafriq signified a broadening of ambitions beyond mobile money. When questioned about the future trajectory of African fintech, Okoudjou is unequivocal: “There are still no great solutions for SMEs. That market is complex to serve and has very unique needs.“
As both consumer and enterprise markets mature, he anticipates the emergence of innovative solutions tailored to this underserved segment.
While the funding environment has cooled significantly since its peak in 2021-2022, Okoudjou perceives promising developments. “Family offices are learning fast. Many are starting to make small investments in fintech, which is a good sign,” he remarks.
The current opportunity lies in their evolution from passive investors to active partners. Pension funds remain largely disengaged, largely due to regulatory constraints that impede significant fintech investments in numerous countries.
Regarding talent, Okoudjou adopts a pragmatic stance on the debate between diaspora and local expertise.
“Diaspora talent brings global exposure and pattern recognition. Local talent understands the nuance of operating on the ground and product understanding.” True innovation emerges from the synergy of these perspectives, enabling the development of products that are both world-class and locally relevant.
Nigeria arguably exemplifies Africa’s complexity more than any other nation. While many assume it to be the continent's largest fintech market, Okoudjou offers a clarification: “While Nigeria has the biggest consumer market, South Africa is the largest fintech market in terms of revenue and profits.”
He attributes Nigeria's distinctiveness to three key factors: the Central Bank of Nigeria's active and decisive regulatory engagement, the NIBBS infrastructure which fosters innovation while also presenting concentration risks, and most critically, the people themselves.
Nigeria’s hustle culture is its biggest strength; it drives innovation and moves the sector forward.
Looking ahead five years, Okoudjou does not foresee complete consolidation as an inevitable or even desirable outcome. “There are limits to consolidation because the continent itself is fragmented,” he acknowledges.
Instead, he envisions enhanced interoperability among major infrastructures across the continent, meaning the digital rails will function more cohesively while retaining their distinct identities.
For Okoudjou, who has dedicated over a decade to constructing the invisible infrastructure powering African payments, his core message centers on cultivating an environment conducive to the success of others. This is not about possessing all the capital or the most advanced technology.
It is about fostering predictability, ensuring interoperability, and providing even the smallest players with the opportunity to connect to something larger than themselves.
In Okoudjou's vision of Africa, potential transforms into reality not through a singular breakthrough, but through the sustained effort of interconnecting systems, aligning incentives, and building the trust that empowers everyone—from the smallest entrepreneur in Togo to the largest fintech firm in Lagos—to make long-term investments in the continent's future.