Have you ever wondered why most African entrepreneurs fail to realise their dreams while portraying incontrovertible potential and passion? Well, it all boils down to sheer will and commitment at the very point when the thoughts of giving up show face. The ruse lies in not giving up till you rise up. These were the sentiments of Benin born millionaire entrepreneur Dare Okoudjou, the Founder and CEO of MFS Africa. In this appraisal of successful elite Africans, we trace the journey of one of Africa’s most innovative entrepreneurs and how he has been able to manoeuvre in the competitive world of fintech business.
Who is Dare Okoudjou?
Born and raised in Benin, Dare Okoudjou is the founder and current CEO of MFS Africa, a leading Pan-African Fintechcompany operating the largest digital payment and mobile banking hub in the continent. Dare has an MBA and holds a MSc in Telecom Engineering from Telecom Paris. At the height of the late-nineties dotcom boom, Okoudjou accepted a position as a telecommunications consultant at PricewaterhouseCoopers in Paris. His first assignment was to facilitate the launch of a mobile network in Morocco. Okoudjou credits the fortuitous environment at PwC which connected his understanding of technology and his responsibility towards the broader community.
Okoudjou gained popularity during the development of the MTN Group’s mobile payment strategy which he helped formulate. Named one of the world’s most innovative companies by Fast Company in 2017, Okoudjou’s successful formation of MFS Africa has established him as a leading entrepreneur in African Innovation. The sensation that informs the work that Okoudjou is doing revolves around his pan-African panacea that he proffers for each of Africa’s shortfalls in the field of fintech.
What does MFS Africa do?
Launched in 2010, MFS Africa is a specialist corporate in finance and technology with several branches in African countries such as Nigeria, South Africa, Cameroon and Ghana. The African company also boasts of offices in London and Mauritius. According to a statistical tally undertaken by Business Insider, MFS Africa connects to over 200 million mobile wallets in Africa with 80 partners connected to its mobile money system. MFS Africa is also infamous for turning down a hefty offer worth millions from an investor who aimed at its acquisition. Perhaps, the investor had premonition of MFS Africa’s potential and he had projected correctly. The company is now generating millions in turnover, with a circulation of billions worth of mobile money remittances in Africa.
How did the journey start?
Dare Okoudjou began his career as a management consultant with PricewaterhouseCoopers in Paris soon after acquiring a Msc in Telecom Engineering. Thereafter, he worked at MTN Group in Johannesburg (South Africa), after obtaining his MBA, where he developed its mobile payment strategy and led its implementation across the company’s operations in 21 countries throughout Africa and the Middle East. In partnership with WorldRemit, Okoudjou went on develop a single Application Programming Interface (API) in July 2019.Through a single API, MFS Africa connects mobile wallet systems, banks, money transfer operators, and merchants to enable real-time, cross-border and cross-network transactions. In Nigeria, Okoudjou invested millions through MFS Africa and has a solid conviction that the fintech business has massive potential to thrive in Nigeria owing to its broad market. Currently, MFS African acquired Beyonic and has a viable business partnership- with the renowned mobile money outlet, MoneyGram.
Okoudjou’s key words for budding entrepreneurs
Dare Okoudjou admits the complexities that underpin the business arena for start-up businesses and budding entrepreneurs in Africa. However, he considers it important for an aspiring entrepreneur to think on their feet, not just as an individual but also as an organisation. The ability to grasp and act on new ideas rapidly is key. Sometimes, you can end up going through a number of ideas without finding the one that gains traction, said Dare Okoudjou in one of his interviews with how we made it in Africa.
Creating a plan for a new initiative is one thing, but executing it in the real world with all of its complexities and unpredictability is an entirely different task, relates Okoudjou. Dare concedes that to become successful is not a stroll in the park, but the fruits of commitment, vision and innovativeness especially in the modern epoch will eventually mature. At some point during its inception, MFS Africa’s coffers dried up, and they were faced with a very hard-wearing period .It may seem improbable now given the positive fortunes that MFS Africa is experiencing but, Okoudjou is not shy to narrate his humble beginnings. He reckon some of those days when he struggled to pay salaries, and how one day he came back home to find his electricity cut off.
Despite all the hurdles that he had to overcome, in June 2008, Okoudjou was chosen as one of the Insead Alumni Association to attend the iW50 Event and Launch of South Africa Country Book. In 2020, he was also singled out to be a speaker at the Invest in Africa seminar in London. In order to inspire fellow African entrepreneurs, Okoudjou features as a panellist in various finance and technology platforms with a bias towards business in Africa. Okoudjou Dare Okoudjou is just but a real epitome of; it is impossible until it is done.
