MFS Africa has agreed to pay $34 million in cash to acquire Global Technology Partners (GTP).
GTP is Africa’s leading prepaid card processor, with over 80 banks using its platform, including UBA, Ecobank, BIA, Stanbic, Coris, NSIA, and Zenith Bank.
GTP’s client base spans 34 countries, and the company is completely integrated with the Visa, Mastercard, GIM, GIMAC, and Verve networks for which it processes payments.
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“This is a huge milestone for us and Africa’s tech industry — on many levels,” Dare Okoudjou, founder and CEO of MFS Africa, stated. It’s a first for an African IT firm to purchase a US tech firm of GTP’s size and prestige, and we’re thrilled to welcome the GTP team to the MFS Africa family.
Their knowledge helps us to expand our last-mile connectivity value proposition to African banks and to speed our card connectivity offering to mobile money users and other fintech companies operating across the continent. “We are now genuinely an omnichannel payments company,” Okoudjou noted, adding that the merged operations have enormous and exciting growth potential.
“GTP’s established position as Africa’s number one prepaid card processor has been built on its unique, adaptable platform that actively helps prepaid cards prosper,” said Robert Merrick, Founder and Chairman of Global Technology Partners. Because of our personnel, we have become Africa’s prepaid card leader, with actual in-depth knowledge of not only the prepaid card market but also the reality that African card users confront. We match the correct solution with the relevant markets and products. GTP is a great fit for MFS Africa, and we’re working hard to provide new features and functions to our platform, sign up new clients, expand into new countries, drive growth, and contribute significantly to MFS Africa’s business and network of networks.”
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Following the acquisition of GTP, MFS Africa intends to invest further in GTP’s current card programs with banks, bringing all of the MFS Africa HUB’s innovations and possibilities to these programs, including seamless integration with Mobile Money.
GTP’s stack will also be used by the firm to expedite card programs for MNOs and Fintech across Africa. Finally, MFS Africa plans to develop its commercial activity in North America by leveraging GTP’s position in the United States.
MFS Africa will be able to expand its offering to the African gig economy, business travel sector, and the millions of people who want to participate in global digital commerce using card credentials linked to mobile money wallets rather than bank accounts for smooth and secure online purchases.