MFS Africa, a pan-African digital payments hub, has disclosed the signing of an agreement to acquire Baxi, one of Nigeria’s agent networks.
The deal, which is subject to approval from the Central Bank of Nigeria (CBN), will be the second-highest fintech acquisition in Nigeria to date.
According to the MFS Africa, despite that Nigeria is Africa’s largest economy, with the highest number of Small and Medium Enterprises (SMEs) and the largest remittance market in Africa and home to one-third of intra-Africa remittance flows, its presence in Nigeria to date has been limited given the country’s small number of mobile wallets.
But with the completion of the deal, MFS Africa said it will expand its pan-African network into Nigeria, connecting the country’s businesses to the continent and the rest of the world and building Baxi into a key node on its digital payment network, allowing customers to make regional and global payments to and from Nigeria.
In addition, it would also expand Baxi’s proposition for offline SMEs to select markets within MFS Africa’s footprint of 320 million mobile wallets across more than 35 African countries.
With its presence in 36 Nigerian states, Baxi fills a critical gap by providing unbanked Nigerians and informal SMEs access to financial services.
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