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Pan-African mobile money giant, MFS Africa, acquires Ugandan fintech, Beyonic

Ola Olaoluwa
Ola Olaoluwa

Mobile money hub, MFS Africa, has acquired Ugandan digital payments firm, Beyonic, in an agreement that expands cross-border financial services within and outside Africa by leveraging technology.

Addressing the press, founder and chief executive officer of MFS Africa, Dare Okoudjou, said, “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.”

Image Credit: developingtelecoms.com
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The move sees Beyonic assimilated into MFS Africa's fintech hub; one that already includes Paga, MTN Mobile Money, Safaricom, Ecobank, and several other operators, to particularly allow small businesses in every country where Beyonic operates to make digital payments from other African countries on the Beyonic platform.

Although the acquisition fee remains undisclosed, the 100% acquisition consolidates MFS's nexus of banks, money transfer wallets, and telecom operators to create a seamless financial-service hub that allows users to send and receive money across various platforms without transaction fees.

According to Beyonic founder, Luke Kyohere, MFS Africa’s mission to erase borders in digital payments aligns perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable fintech solutions to the last mile. And according to Africa's realities, this acquisition further plots Africa into the global map of financial and technological development.

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur