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MFS Africa considers acquisitions to strengthen mobile-money network

By David Whitehouse

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Posted on April 2, 2021 02:46

An employee counts money inside a mobile phone service centre operated by Kenyan telecom operator Airtel Kenya at the Sarit Centre within the Westlands district of Nairobi © REUTERS/Thomas Mukoya
REUTERS/Thomas Mukoya

Mobile-money gateway MFS Africa is actively considering acquisitions and investments to strengthen its network in East and West Africa, CEO Dare Okoudjou tells The Africa Report.

The company hopes to announce an investment in East Africa in April, Okoudjou says from Johannesburg. He aims to strengthen MFS Africa’s presence in Cameroon, Gabon and Chad in Central Africa and Rwanda, Uganda and Kenya to the east.

MFS Africa has connected 320m mobile wallets across the continent, which Okoudjou estimates is about 60% of the market. As the number of African mobile wallets continues to expand, Okoudjou aims to connect 500m users by 2025. “Cross-border payments should be as easy as international phone calls.”

Full acquisitions are “one of the tools at our disposal,” Okoudjou says. “Consolidation is one of the keys to the promised land” of a seamless system to transfer mobile-money across the continent. The company’s mission is to become “the SWIFT of mobile money,” Okoudjou says, referring to the inter-bank messaging platform. “We want to be in all African countries.”

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