MSF Africa - Afrikan Heroes

International Trade Center Partners With MFS Africa Accelerate Digitization In 10 African Markets

December 15, 2022

MFS Africa, a pan-African fintech, and the International Trade Center (ITC), a joint World Trade Organization and United Nations institution, have struck an agreement to advance the digitalization of African markets.

According to a press release issued by the UN agency, the two organisations will provide assistance to small and medium-sized enterprises (SMEs) in ten African markets (Benin, Côte d’Ivoire, Ethiopia, Ghana, Mali, Rwanda, Senegal, Uganda, Tanzania, and Zambia) through product integration, fintech and digital payments capacity building, investment exposure, and B2B meetings.

“Through this collaboration, the centre will reaffirm its commitment to assisting small businesses in gaining access to finance and technology, as well as collaboratively achieving SDG 8. (decent work and economic growth). This collaboration is the next stage in ICT’s goal of collaborating with the private sector to scale solutions that help small firms “said Robert Skidmore, the Center for International Trade’s Head of Sector and Business Competitiveness.

According to the LSEG Africa Advisory Group’s 2018 report, “The difficulties and prospects of SME finance in Africa,” SMEs play a critical role in job creation and economic growth. They account for around 90% of enterprises in Africa, provide 60% to 80% of jobs, and contribute 40% of GDP. In comparison, SMEs account for 53% and 65% of enterprises in the United States and Europe, respectively.

ITC and MFS Africa will work together to place small companies at the centre of financial inclusion and digitization. The collaboration is a crucial step in advancing the United Nations 2030 Agenda for Sustainable Development. It will “create a new age where small enterprises are at the centre of economic growth for the benefit of millions of African residents,” according to Ali Ouedraogo, head of expansion at MFS Africa.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Uganda-based Fintech Startup Beyonic Acquired By African Payment Leader MFS Africa

July 1, 2020

Barely seven years in operation, Uganda-based fintech startup has made a major exit for its investors as pan-African cross-border payments leader, MFS Africa, has notified the public of its acquisition of Beyonic, a digital payments management provider of business services for Small and Medium Enterprises (SMEs), fintechs, and social impact entities across Africa. MFS Africa, the continent’s largest digital payments hub, connects more than 200 million mobile wallets on the continent through one API.

*Luke Kyohere, founder, executive chairman, and CTO of Beyonic*

“MFS Africa’s mission to make borders matter less in digital payments aligns perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable fintech solutions to the last mile, where they are needed the most. Together, we will give our customers access to the broadest and deepest digital payment network in Africa,” Luke Kyohere, founder, executive chairman, and CTO of Beyonic, said.

Here Is What You Need To Know

With this deal, which is still subject to regulatory approval by the Fair Competition Commission in Tanzania, MFS Africa 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.
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.

Why The Acquisition?

According to the World Bank, SMEs contribute up to 40n per cent of national income (GDP) in emerging economies. However, they face a number of growth constraints in emerging markets, including the ability to scale operations domestically, continentally, and internationally. The new product offerings enabled by this acquisition will resolve some of these issues by enabling organisations to transfer funds securely and transparently across regions, MFS Africa believes.

“Africa has a strong base of connected young entrepreneurs and business people 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 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,” he further said.

The company further stated that extended access and functionality will become available to customers of both organisations in the second half of 2020.
Kyohere continued expressing happiness about the possibilities the 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 networks. It is a new dawn for SMEs in Africa.”

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.