November 10, 2021

Africa’s Largest Digital Payments Network, MFS Africa, Collects $100M From Investors To Expand Its Operations

MFS Africa, an inter-operability hub connecting mobile network operators across the continent through a single API,  has raised $100 million in a Series C round.

That’s a pretty significant number for a Series C funding round, and it’s split between $70 million equity and $30 million debt.

Private equity fund AfricInvest FIVE co-led the round with existing investors Goodwell Investments and LUN Partners Group.

New investors CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest joined in while ShoreCap III returned as an existing investor with other funds.

For someone who spent more than a decade in the telecoms as an engineer and executive, founder and CEO Dare Okoudjou has been around long enough to know how difficult it was to make a phone call in Africa.

That’s why he created MFS Africa.

“The way we take for granted the fact that we can communicate with anybody around the world via a mobile phone, my dream is that it should be the same with a mobile wallet.

“If you sign to any mobile wallet somewhere in the world, starting with Africa, it should be enough to transact with anybody else in the world. That’s the grand mission of the company,” CEO Okoudjou told TechCrunch.

The company was first started in 2009, facilitating peer-to-peer transactions from Kenya to Zambia, Uganda, Zimbabwe, and the Ivory Coast, and vice versa.

But he soon realized that the firm could scale beyond his imagination and by merging fragmented and disparate payment schemes across the continent into one seamless network the same telecom networks operate, MFS Africa became the go-to platform for individuals and businesses to transact across borders and currencies, reported TechCrunch.

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Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.

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