MFS Africa, the pan-African payments gateway which connects wallets across different mobile money platforms through its API, has acquired Beyonic, a digital payments services provider for enterprises which operates in Ghana, Uganda, Tanzania, Kenya and Rwanda.
As part of the acquisition, MFS Africa will absorb Beyonic’s entire team while Luke Kyohere, founder of Beyonic, will join MFS Africa’s leadership team. MFS Africa will also offer Beyonic’s enterprise-focused service as a product under its wider brand. The acquisition, terms of which are undisclosed, remains subject to regulatory approval by the Fair Competition Commission in Tanzania.
Since being founded in 2009, Mauritius-based MFS Africa has built a “network of networks” by enabling interoperability between 200 million mobile money wallets across different platforms in 34 markets on the continent, says Dare Okoudjou, MFS Africa founder and CEO. After partnering with banks and remittances companies looking to plug into its network, Okoudjou says the company also received interest from SMEs and enterprises, including tech companies on the continent, looking to integrate cross-border, mobile money payments.