South African fintech company, MFS Africa acquires Digital payments startup, Beyonic.

South African fintech company, MFS Africa acquires Digital payments startup, Beyonic.

South African fintech company, MFS Africa has acquired East African digital payments management startup, Beyonic.

Beyonic is a digital payment management provider that grants 26 mobile money networks and over 20 banks to SME’s, fintech, and social impact entities.

MFS Africa is a pan-African cross-border payments company that connects over 200 million mobile wallets on the continent through a single API.

A statement from MFS Africa revealed that the deal is subject to regulatory approval by the Fair Competition Commission in Tanzania and will provide the growing micro, small, and medium enterprise segment across Africa the ability to manage digital transactions with individuals and businesses around the world.

This however means that an Uganda-based organization that leverages Beyonic to manage digital payments to and from Ugandan mobile wallets and bank accounts will be able to reach additional markets directly using the same interface on the pan-African and global connections of the MFS Africa Hub.

Founder and CEO of MFS Africa, Dare Okoudjou said, “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 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, fintech, 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 and with Africa presents to the wider world.”

According to the founder of Beyonic, Luke Kyohere, MFS Africa’s mission to make borders matter less in digital payments matches perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable fintech solutions to the last mile.

He further said, “Together, we will give our customers access to the broadest and deepest digital payment network in Africa. I’m excited about the possibilities this partnership brings, especially when you factor in MFS Africa’s recent partnership with Visa, enabling them to issue Visa payment credentials across their pan-African network. It’s a new dawn for SMEs in Africa.”

The extended access and functionality will be available to customers of both organizations in the second half of 2020.

Image/ MFS Africa’s Twitter.