Saturday, January 28, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

MFS Africa acquires US-based global tech company

by e-Naira Online News
June 7, 2022
in Companies
Reading Time: 3 mins read
A A
0
Home Companies
Share on FacebookShare on Twitter


In a rare acquisition of a US tech company by an African tech company, MFS Africa, Africa’s largest digital payments network, on Tuesday announced that it has reached an agreement to buy Global Technology Partners (GTP).

Based in Tulsa, Oklahoma, 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. 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.

This acquisition enables MFS Africa to further 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 connection with the traditional card scheme ecosystems such as Visa and Mastercard.

Read also: How GTCO’s fintech firm squares up to competition

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 omnichannel payments company.”

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.”

Following GTP’s 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.

Unrep desktop



Source link

Tags: acquiresAfricacompanyglobalMFStechUSbased
Previous Post

Lagos announces traffic diversion plans on Lagos-Ibadan expressway from June 9

Next Post

South Korea to Recruit Companies for Metaverse Content Creation Project – Metaverse Bitcoin News

Related Posts

Companies

NGX CEO says to strengthen partnerships, digital transformation, sustainability

by e-Naira Online News
January 26, 2023
Companies

UK Government cuts tariffs on Nigerian exports

by e-Naira Online News
January 26, 2023
Companies

NAICOM sees Risk-Based Capital driving Nigeria’s insurance sector growth

by e-Naira Online News
January 25, 2023
Companies

$350 million Cabotage Fund: NIMASA gives Banks 72-hour ultimatum to release modalities

by e-Naira Online News
January 25, 2023
Companies

BOI, Old boys partner on software skills devt for young people in Ogun State | The Guardian Nigeria News

by e-Naira Online News
January 25, 2023
Next Post

South Korea to Recruit Companies for Metaverse Content Creation Project – Metaverse Bitcoin News

BDC Operators Seek Reintegration into Forex Market Ecosystem for Stability

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

January 27, 2023

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

January 27, 2023

Bourse sustains negative trend with market capitalisation down N52m – Businessamlive

January 27, 2023

Real Estate Financing Firm Lists N20bn Sukuk On Stock Exchange

January 27, 2023

Rivers kidnapper bags death sentence for murder

January 27, 2023

Financial steps you must take before you relocate abroad

January 27, 2023

The good, the bad, the ugly sides of Oyebanji’s 100 days in office

January 27, 2023

Lagos now closer to its smart city dream with 5G technology —Sanwo-olu

January 27, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.