- MFS Africa, the continent’s largest digital payments network, has reached an agreement to buy US-based Global Technology Partners (GTP).
GTP is the number one processor for prepaid cards in Africa, with over 80 banks, including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank, using its platform. In addition, its client base covers 34 countries and is connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it provides the processing.
According to MFS, the acquisition will enable it to widen its offering to Africa’s gig economy, the business travel market and the millions who want to participate in the global digital commerce through card credentials linked to mobile money wallets instead of bank accounts.
Moreover, it says it will expand MFS Africa’s bank and fintech base and provide tokenisation for the mobile money world, by connecting with traditional card scheme ecosystems such as Visa and Mastercard.
Dare Okoudjou, founder and CEO of MFS Africa, called the agreement a “momentous milestone” for his organisation and Africa’s tech ecosystem alike.
“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.”
Okoudjou says GTP’s expertise will enable MFS to extend its last-mile connectivity to African banks and to accelerate its 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.”
Founder and chairman of GTP Robert Merrick, added that GTP’s position as Africa’s number one prepaid card processor has been built on its flexible platform, and that the company’s people have in-depth knowledge of the prepaid card business and 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.”
Following the acquisition, MFS Africa says it 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 says it 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.
