MFS Africa, based in Johannesburg, announced their acquisition of Beyonic (a fintech startup) which offers digital payment management solutions to fintech, SMEs, and entities focussed on social impact across the continent.
MFS connects to over 200 million mobile wallets through one API. Dare Okoudjou is the company’s founder and CEO. Beyonic carries out domestic payments and collections alongside secure front-end business functionality.
MFS is still awaiting approval from the Fair Competition Commission in Tanzania. Once secured, they can focus on micro, small, and medium ventures across Africa. Their platform aims to manage digital transactions among individuals and businesses.
The statement quoted the founder, CTO, and Executive Chairman of Beyonic, Luke Kyohere:
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.”
According to the World Bank, the national income (GDP) of emerging economies is heavily driven by SME (40%). Among the major challenges they face are the opportunities to scale their operations domestically, regionally, and internationally.
Tech in Africa
