The acquisition will expand MFS Africa’s bank and fintech base and provide tokenisation for the mobile money world in connecting with the card scheme ecosystems such as Visa and Mastercard
MFS Africa to acquire US-based Global Technology Partners. (Credit: Free stock photos from www.rupixen.com from Pixabay)
African digital payments network MFS Africa has agreed to acquire Global Technology Partners (GTP), based in Oklahoma, US.
GTP is a processor for prepaid cards in Africa with more than 80 banks – including Ecobank, UBA, BIA, Coris, Stanbic, NSIA and Zenith Bank – leveraging its platform.
The company caters to customers in 34 countries and is fully connected to the Visa, Mastercard, GIMAC, GIM, and Verve networks for which it provides the processing services.
The acquisition will allow MFS Africa to further expand its offering to Africa’s gig economy, the business travel market and people who want to participate in the global digital commerce through card credentials linked to mobile money wallets instead of bank accounts for seamless and secure online purchases.
It will also expand MFS Africa’s bank and fintech base and provide tokenisation for the mobile money world in connecting with the card scheme ecosystems such as Visa and Mastercard.
MFS Africa founder and CEO 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.”
Upon closing of the acquisition, MFS Africa plans to further invest in GTP’s current card programmes with banks and bring to the services offered by the MFS Africa HUB, including seamless interoperability with Mobile Money.
The African company will also use GTP’s stack to fast-track card programmes for MNOs and FinTechs across Africa.
Also, the firm aims to use GTP’s presence in the US to expand its commercial activities in North America.
Global Technology Partners founder and chairman Robert Merrick said: “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.”