FinTech

MFS Africa Acquires Beyonic to Extend Cross-Border Payments to African SMEs

Pan-African digital payments hub MFS Africa has bought Beyonic, a digital payments management provider of business services for SMEs across the continent. Terms of the deal were not disclosed.

MFS Africa connects more than 200 million mobile wallets on the continent through one API. Beyonic focuses on domestic payments and collections coupled with secure front-end business functionality.

The deal, which is subject to regulatory approval in Tanzania, is designed to give the fast-growing SME sector across Africa the ability to manage digital transactions with individuals and businesses around the world.

In practice, MFS says, this means that a Uganda-based organisation that uses Beyonic to manage digital payments to and from Ugandan mobile wallets and bank accounts will be able to reach additional markets directly and seamlessly using the same interface, leveraging the connections of the MFS Africa Hub.

Dare Okoudjou, CEO, MFS Africa, says: “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.

READ ALSO: Carbon Releases 2019 Financial Results, Declared $17.5M Revenue

“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.