MFS Africa takes over Beyonic, offering cross border digital payments to SMEs

By Pavithra R

MFS Africa, an international payment leader, has announced that the firm has acquired Beyonic, a provider of electronic payment solutions for SMEs, FinTechs and social organisations in Africa. The acquisition is subject to regulatory approval by the Tanzania Fair Competition Commission.

MFS Africa is among the leading electronic payments hub in Africa and connects over 200 million mobile money accounts across thirty countries. Beyonic specialises in domestic payment solutions and offers a range of business-specific features. Through the acquisition, the companies aim to bolster the digital transformation of the micro, small and medium-sized African sector by enabling them to manage domestic and international electronic transactions seamlessly.

“Africa is full of young, dynamic and connected entrepreneurs, who bring new energy and a new way of thinking to change their world and stimulate the development of their communities. The MFS Africa Hub has created new digital gateways between mobile money users in Africa and around the world. The acquisition of Beyonic allows us to put our electronic payment network at the service of these entrepreneurs, whether they are SMEs, fintechs or organisations with a social purpose. By combining the solutions of MFS Africa and those of Beyonic, we are able to unlock the potential that these organisations represent for Africa and for the world,” said Daré Okoudjou, founder and CEO of MFS Africa.

According to the World Bank, in emerging markets, SMEs contribute up to 40% of the GDP. However, in Africa, their growth is subject to many constraints, including the ability to grow on a continental scale or internationally. The new buyout aims to resolve these issues by helping organisations transfer funds securely and transparently wherever their customers are located.

The integration of the two companies plans to enable customers to benefit from an extended market and new functionalities. The acquisition helps Beyonic’s clients in Uganda who manages domestic digital payments to reach other African and global markets covered by the MFS Africa Hub.

“MFS Africa’s mission to break down boundaries when it comes to digital payments aligns perfectly with Beyonic’s vision of helping companies deliver fast and affordable fintech solutions where they have a real impact. Together, we give our customers access to the largest electronic payment network in Africa,” said Luke Kyohere, Founder, Executive Director and Technical Director of Beyonic.

“This partnership brings phenomenal opportunities, especially if we consider the recent partnership between MFS Africa and Visa, which allows it to create virtual Visa cards throughout its pan-African network. It is simply the beginning of a new dawn for African SMEs,” added Mr Kyohere.

Founded in 2010, MFS Africa is a pan-African FinTech leader that operates the continent’s largest electronic payments hub. The company allows merchants, banks, mobile operators and money transfer operators to use the boom in mobile money accounts to create a secure, convenient and profitable transaction channel.