Fintech firm MFS Africa has acquired Beyonic, a digital payments services provider for enterprises in Africa.
The financial details of the transaction were not disclosed.
The combination will enable the African SMEs manage digital transactions with individuals and businesses around the world.
In practice, the businesses using Beyonic will be able to cater to additional markets directly using same interface utilising the connections of MFS Africa Hub.
The completion of the deal is subject to Fair Competition Commission in Tanzania approval.
MFS Africa founder and CEO Dare Okoudjou said: “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.”
As a digital payments hub, MFS Africa connects more than 200 million mobile wallets in Africa through a single API.