Money Transfer company, MFS Africa, has completed the takeover of payment provider Beyonic. The acquisition will see MFS absorb Beyonic’s entire team with Beyonic’s Founder and CEO Luke Kyohere, absorbed into the MSF leadership team.
Beyonic is a right fit for MFS pan African expansion strategy as it focusses on domestic payments and collections coupled with secure front-end business functionality. This will promote cross-border mobile money payments as MFS Africa currently connects more than 200 million mobile wallets on the continent.
The Beyonic platform is a two-way payments management toolbox giving enterprises access to 26 mobile money networks and over 20 banks in nine countries through a single sign-on. Beyonic operates in Ghana, Kenya, Uganda, Rwanda, and Tanzania.
READ ALSO: Visa Signs Partnership with MFS Africa
Africa’s booming e-commerce sector will benefit from the acquisition as cross border payments will enable the transfer of funds across different territories. MFS says that bringing Beyonic on board will open up intra-Africa and global payment possibilities to SMEs, fintechs, and social impact organizations across the continent and around the world.
Extended access and functionality will become available to customers of both organizations in the second half of 2020. MFS says that a Kenyan-based organization that uses Beyonic to manage digital payments to and from Kenyan 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.