Read time: 3 minutes

MFS raises US$100m to expand Fintech platform

By , Sub Saharan Africa Business, Tech, News and Development Journalist
Africa , Nigeria , 10 Nov 2021
Dare Okoudjou, founder and CEO of the FinTech MFS Africa.
Dare Okoudjou, founder and CEO of the FinTech MFS Africa.

Cross-border payments remain crucial for Fintech across Africa and part of the reason why AfricInvest FIVE has fronted a US$100-million investment in digital payments network MFS Africa.

Julius Techelaar, a partner with AfricInvest FIVE, said, “MFS Africa provides broad access to a large range of payment services for individuals and companies on the African continent, including remittance and trade-related financial services”.

The new investment will further enhance this, positioning MFS Africa as a key player in the remittance and cross-border Fintech payments sector in Africa.

With the new US$100-million funding purse, the Fintech company will now “expand its network and will be opening additional regional offices in key African markets” as well as in the USA and China.

“The new funding will enable MFS Africa to hire additional talent in Africa and globally to support its exponential growth,” it said in a statement.

Having opened new offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos, MFS Africa recently signed an agreement to acquire Baxi, a leading super-agent in Nigeria. It plans to build Baxi into a key platform “allowing regional payments into and from” the West African country.

According to Dare Okoudjou, Founder and CEO of MFS Africa, the latest funding round “marks the beginning of the next phase in our growth” which is likely to include acquisitions and integrations with other Fintech start-ups across the continent.

MFS Africa’s platform already integrates over 320 million mobile money wallets.

Its network of over 180 mobile money schemes, banks, money transfer operators, and over 250 global enterprises, allows citizens to send and receive funds from each other and from other international destinations.

Daily newsletter