East Africa-based fintech company Beyonic, a digital payments management provider of business services for SMEs, fintechs and social impact entities, has been acquired by the Johannesburg-based payments company MFS Africa.
Initially launched in Uganda seven years ago but now also active in Kenya and Tanzania, Beyonic offers a cutting-edge enterprise digital payment services suite, giving enterprises access to 26 mobile money networks and over 20 banks in nine countries through a single sign-on.
The startup has now been acquired by pan-African cross-border payments company MFS Africa, which connects more than 200 million mobile wallets on the continent through one API. 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.
“Africa has a strong base of connected young entrepreneurs and businesspeople who are bringing fresh ideas to the table, in order to create prosperity for themselves and for their communities on the continent,” said Dare Okoudjou, founder and chief executive officer (CEO) of MFS Africa.
“With the MFS Africa Hub, we have been creating new digital pathways between mobile money users in Africa and the global economy. With the acquisition of Beyonic, we can now put this digital payment network at the service of those entrepreneurs whether they are SMEs, fintechs, or social impact organisations. By combining MFS Africa’s and Beyonic’s assets and capabilities, we can unleash the wealth of opportunity that business within Africa and with Africa presents to the wider world.”
Extended access and functionality will become available to customers of both organisations in the second half of 2020. In practice, this 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.
Beyonic founder Luke Kyohere said MFS Africa’s mission to make borders matter less in digital payments aligned perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable fintech solutions to the last mile.
“Together, we will give our customers access to the broadest and deepest digital payment network in Africa. I’m excited about the possibilities this partnership brings, especially when you factor in MFS Africa’s recent partnership with Visa, enabling them to issue Visa payment credentials across their pan-African network. It’s a new dawn for SMEs in Africa,” he said.