Mobile money has been a leading technology in the digital transformation of the African financial economy and the move towards total financial inclusion. According to the GSMA, sub-Saharan Africa alone accounts for approximately 70% of the USD 1 trillion global mobile money market. At the heart of the mobile money, ecosystem is “cash in, cash out” agents or mobile money microenterprises who convert physical cash to digital money or vice versa for clients for the purposes of electronic bill payments, peer-to-peer payments, safekeeping, etc. Data from a recent assessment on the proliferation of mobile money financing by Microsave Consulting for The […]
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MFS Africa has completed the acquisition of Baxi taking its footprint into Nigeria, Africa’s largest economy and perhaps its most dynamic fintech market. The transaction was first announced in November 2021 pending approval of the Central Bank of Nigeria, which has now been achieved. As well as providing a market entry into Nigeria for MFS Africa, the combination provides exciting synergies: Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network; MFS Africa simplifies cross-border payments, integrating payments via one hub. Baxi’s growth has accelerated over the last 24 months achieving […]
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MFS Africa is acquiring Baxi to expand its network into Nigeria, Africa’s largest economy and perhaps its most fintech dynamic market. Nigeria is also the largest remittance market in Africa representing one-third of intra-Africa remittance flows, and is home to the largest number of SMEs. Verdant Capital views the two businesses as highly complimentary: Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network; MFS Africa simplifies cross-border payments, integrating payments via one hub. The transaction further extends Verdant Capital’s track-record of advising on transactions shaping the fintech sector in Africa. […]
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