Today, Pan-African cross-border payments leader MFS Africa has acquired Beyonic at an undisclosed amount. Beyonic is a digital payments management provider of business services for SMEs, FINTECHs, and social impact entities across Africa. It operates in Uganda, Kenya, Ghana, Rwanda, and Tanzania.
MFS Africa operates Africa’s largest digital payments hub, connecting more than 200 million mobile wallets on the continent. Beyonic, delivers multi-country business tools for secure domestic disbursements and collections. Through this partnership, the dual hopes to provide their customers with an impressive new set of capabilities and extend cross border digital payments to SMEs throughout Africa. The acquisition will not affect on-going services as the combined company will continue connecting businesses to mobile transaction networks and banks in over 35 countries in Africa and 60 globally.
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This partnership didn’t happen overnight. Beyonic and MFS Africa have cheered each other on for the past seven years. During this time, the companies have grown to become respected and trusted digital payment brands, thought leaders, and pioneers.
It isn’t often that one finds the sort of alignment of vision and culture that exists between Beyonic and MFS Africa. These multi-cultural, pan-African payments companies, celebrate inclusiveness and diversity, and their businesses, by their nature, build bridges.
Extended access and functionality will become available to customers of both organizations in the second half of 2020. In practice, this means that a Uganda-based organization that uses Beyonic to manage digital payments to and from Ugandan mobile wallets and bank accounts will be able to reach additional markets directly and seamlessly using the same interface, leveraging the pan-African and global connections of the MFS Africa Hub.
Luke Kyohere, founder, Executive Chairman, and CTO of Beyonic, said, “MFS Africa’s mission to make borders matter less in digital payments aligns perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable fintech solutions to the last mile, where they are needed the most. Together, we will give our customers access to the broadest and deepest digital payment network in Africa.” Mr. Kyohere continued, “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.”
