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MFS Africa acquires US-based GTP to deepen global Fintech ambitions

By , Portals editor
Africa , 07 Jun 2022

Africa focused digital payments network MFS Africa has announced the finalisation of an agreement to acquire US-based Global Technology Partners (GTP), an established global processor for prepaid cards in Africa.

The deal for an undisclosed amount means that MFS Africa will gain access to vast international markets, including e-commerce and business travel.

Based in Tulsa, Oklahoma, GTP claims that over 80 banks - including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – use its platform.

“GTP’s client base covers 34 countries and is fully connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it provides the processing,” reads part of a statement released to the media.

For MSA Africa, the acquisition will enables it to deepen its offering to Africa’s gig economy, the business travel market “and the millions who eagerly want to participate in the global digital commerce through card credentials linked to mobile money wallets – rather than bank accounts – for seamless and secure online purchases.”

“It also expands MFS Africa’s bank and Fintech base and provides tokenisation for the mobile money world in connecting with the traditional card scheme ecosystems such as Visa and Mastercard,” the statement continues.

Founder and CEO of MFS Africa, Dare Okoudjou, said: “This is a momentous milestone for us and Africa's tech ecosystem – on many levels. It’s something of a first for an African tech company to acquire a US tech company of GTP’s size and stature, and we’re delighted to be welcoming the GTP team to the MFS Africa family. Their expertise enables us to extend our value proposition of last-mile connectivity to African banks and to accelerate our offering of card connectivity to mobile money users and other Fintech companies operating across the continent. The combined operations have immense and exciting growth potential, and with our extended portfolio, we are now truly an omni-channel payments company.”

Okoudjou told ITWeb Africa, “(In the) short-term it expands our business solidly into the bank segment in Africa and will allow us to enable interoperability between cards and mobile money. It will also mean accelerating card programmes for Fintechs across the continent.”

Robert Merrick, Founder and Chairman of Global Technology Partners, commented: “GTP’s established position as Africa’s number one prepaid card processor has been built on its unique, flexible platform that actively helps prepaid cards to succeed. We have become the leader of prepaid cards in Africa because of our people, who have genuine in-depth knowledge not only of the prepaid card business but also of the realities that African card users face. We connect the right solution to the right markets with the right products. MFS Africa is an ideal home for GTP, and we are focused on adding new features and functionalities to our platform, signing up new clients, expanding into new countries, driving growth and making a significant contribution to growing MFS Africa’s business and its network of networks.”

According to the companies, following the acquisition, MFS Africa plans to further invest in GTP's current card programmes with banks and bring to these all the innovation and possibilities offered by the MFS Africa HUB - including seamless interoperability with mobile money.

The company will also leverage GTP's stack to fast-track card programmes for MNOs and Fintechs across Africa.

Lastly, MFS Africa intends to leverage GTP's presence in the USA to expand its commercial activities in North America.  

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