Fintech Company, MFS Africa Acquires 100% Stake in Beyonic for an Undisclosed Sum

MFS Africa, a Pan-African fintech company has acquired full ownership of Beyonic, a digital payments company in Uganda. The deal is a 100% full acquisition paid for an undisclosed sum. Beyonic will henceforth be called MFS Africa.

Beninese national, Dare Okoudjou founded MSF Africa in 2009. The Johannesburg based fintech offers cross-border financial services across 34 African countries. It enables users to send and receive money between different platforms without having to pay transactional fees. It facilitates payments for Safaricom, Ecobank, MTN MoMo, Paga, and 18 other operators to support over 200 million customers transacting across various payment platforms.

Beyonic, on the other hand, was founded by Luke Kyohere and Dan Kleinbaum in 2013. The startup has a digital payments framework for corporates, startups and SMEs. It is used for intra-country transactions in Ghana, Uganda, Rwanda, Tanzania, and Kenya.

Luke Kyohere, the co-founder of YIBA will remain on the MSF Management team. The acquisition will enable MSF Africa to facilitate intra-state transactions between digital payment service providers across the continent. It will serve as an efficient cross-border system for distributing last-mile payments. In simple terms, a customer using Beyonic payment gateway in Ghana need not set up a separate account in Uganda. It means that more people will be directly served through the same interface, leveraging MSF Africa’s connectivity interface.

This latest deal follows MSF Africa’s partnership with Visa to issue virtual credit cards to customers. MFS Africa also raised 1.2 million from FSD Africa Investments in January.