Johannesburg-based fintech firm MFS Africa announced today that it has acquired Beyonic, a digital payments management provider of business services for SMEs, fintechs, and social impact entities across Africa.
MFS Africa – which claims to be Africa's largest digital payments hub – connects more than 200 million mobile wallets on the continent through one API. Beyonic focusses on domestic payments and collections coupled with secure front-end business functionality.
MFS Africa said in a statement today that the deal, which is subject to regulatory approval by the Fair Competition Commission in Tanzania, will provide the growing micro, small, and medium enterprise segment across Africa with the ability to manage digital transactions with individuals and businesses around the world.
Extended access and functionality will become available to customers of both organisations in the second half of 2020.
It means that a Uganda-based organisation 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.