MFS Africa Raises US$100m to Expand Digital Payments Gateway

Africa’s largest digital payments network, MFS Africa has raised US$100 million through an equity and debt financing round, following a series of acquisitions and investments in other African fintechs, including the recently announced acquisition of Baxi in Nigeria.

The new investor, AfricInvest FIVE, is one of the most experienced private equity investors in the continent and co-led the round with existing investors Goodwell Investments and LUN Partners Group.

According to the Founder and CEO of MFS Africa, Dare Okoudjou, MFS Africa’s vision is to make borders matter less through interoperability across payments schemes, borders and currencies.

He stated that the new funding will enable MFS Africa to hire additional talent in Africa and globally to support its exponential growth and that MFS Africa will continue to expand its network and will be opening additional regional offices in key African markets, as well as in the USA and China.

Over the past year, MFS Africa has accelerated its expansion efforts across Africa and the company has opened new offices in Abidjan, Kampala, Kinshasa, Nairobi, and Lagos, in addition to establishing London as its new headquarters.

MFS Africa recently signed an agreement to acquire Baxi, a leading super-agent in Nigeria, and plans to build Baxi into a key node, allowing regional payments into and from Nigeria.

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