Pan-African cross-border payment provider MFS Africa has acquired Beyonic, a digital payment management service provider for SMEs, fintechs and social impact entities across Africa
MFS Africa connects more than 200mn of the continent’s mobile wallets via one API.
Beyonic focuses on domestic payments and collections coupled with secure functionality at the front end. This deal, which is subject to regulatory approval by the Fair Competition Commission in Tanzania, will provide the ability to manage digital transactions with individuals and businesses around the world for the growing micro, small and medium enterprise segment throughout Africa.
Dare Okoudjou, founder and CEO of MFS Africa, said, “Africa has a strong base of connected young entrepreneurs and business people who are bringing fresh ideas to the table, in order to create prosperity for themselves and for their communities on the continent.
“With the MFS Africa Hub, we have been creating new digital pathways between mobile money users in Africa and the global economy. With the acquisition of Beyonic, we can now put this digital payment network at the service of those entrepreneurs whether they are SMEs, fintechs, or social impact organisations. By combining MFS Africa’s and Beyonic’s assets and capabilities, we can unleash the wealth of opportunity that business within Africa and with Africa presents to the wider world.”
The digital payment provider stated that the extended access and functionality will become available to customers of both organisations in the second half of 2020.
In practice, this means that an organisation based in Uganda that uses Beyonic to manage digital payments to and from Ugandan mobile wallets and bank accounts will be able to directly and seamlessly access additional markets using the same interface, leveraging the MFS Africa Hub’s pan-African and global linkages.
Luke Kyohere, founder, executive chairman, and CTO of Beyonic, said, “MFS Africa’s mission to make borders matter less in digital payments aligns perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable fintech solutions to the last mile, where they are needed the most. Together, we will give our customers access to the broadest and deepest digital payment network in Africa.”
