MFS Africa, Africa’s largest digital payments hub, has acquired Beyonic, a digital payments management provider of business services for SMES, fintechs, and social impact entities across Africa.
MFS Africa connects more than 200 million mobile wallets on the continent through one API in 34 African countries, while Beyonic focuses on domestic payments and collections coupled with secure front-end business functionality.
“Africa has a strong base of connected young entrepreneurs and business people 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 in Africa and the global economy. With the acquisition of Beyonic, we can now put fintechthis digital payment network at the service of those entrepreneurs whether they are SMEs, fintechs, or social impact organizations. By combining MFS Africa’s and Beyonic’s assets and capabilities, we can unleash the wealth of opportunity that business within Africa with Africa presents to the wider world.”
SMEs contribute up to 40% of GDP in emerging economies like Africa. However, the ability to scale operations domestically, continentally, and internationally is a growth constraint for many of them. The new partnership is expected to make funds transfer secure and transparent across regions.
For a typical Beyonic customer, the new arrangement has the potential to increase efficiency.
For example, a customer of a company using Beyonic’s platform in Kenya will no longer need to set up a separate bucket of funds to make payments in Uganda or Tanzania.
MFS Africa will make cross-border money transfer interoperable for that user’s company, just as it has done with mobile money operators, telcos and the over 20 million customers of Ecobank, Africa’s largest bank by multinational presence.
MFS Africa brings the potential for global scale into the partnership, with its more international affiliations, including a partnership with VISA.
As Luke Kyohere, CTO, Beyonic, put it, the idea is to ‘give customers access to the broadest and deppest digital payment network in Africa in order to deliver fast, affordable fintech solutions to the last mile, where they are needed most.’
Ugandan-based Beyonic has previously helped facilitate crypto payments for BitPesa, a Kenyan-based crypto exchange operating across a variety of African countries, via mobile money.
The ongoing convergence of digital payments in Africa further reinforces the need for a unified payment system, or if you like, mode of payment, and moves us closer to the ultimate realization of a decentralized payment system.
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