Johannesburg-based fintech MFS Africa has acquired Beyonic, a digital payments management provider, media reports said. Beyonic is a digital payments management provider for SMEs and fintechs across Africa.
It is reported that MFS Africa is the continent’s largest digital payments hub. The company connects more than 200 million mobile wallets through a single API.
Dare Okoudjou, founder and CEO of MFS Africa, said in a statement, “Africa has a strong base of connected young entrepreneurs and businesspeople 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 World Bank reported that SMEs contribute upto 40 percent GDP in emerging economies. It is a leading pan-African company operating the largest payments hub on the continent.