Pan-African digital payments hub MFS Africa on Wednesday announced the signing of an agreement with Baxi which stands out as one of Nigeria’s super-agent networks. The deal is now pending approval from the Central Bank of Nigeria. The acquisition of MFS Africa will expand the company’s pan-African presence while connecting Nigerian businesses and the continent at large.
According to MFS Africa CEO, Dare Okoudjou described the deal was “a pivotal step in our journey”. In 2014 Baxi was founded by Degbola Abudu and Folu Majekodunmi which provided a suitable cash-in/cash-out offering to offer value-add services that include money transfer, account opening, bills payments, etc.
Baxi has a cumulative network of over 90,000 agents and has processed over $1 billion transactions in 2021 alone. As a result of this acquisition, MFS Africa will build Baxi as a key node in its digital payment network. This will allow customers to make regional and global payments in and out of Nigeria. MFS Africa previously acquired Beyonic in 2020 to accelerate and lift its growth into strategic investment and acquisition.
We are excited to announce our expansion in Nigeria through an agreement to acquire one of Nigeria's leading super-agent networks, Baxi. By joining forces, we aim to take Nigeria’s SMEs to the rest of Africa and the world. https://t.co/UUM1WTeb6N pic.twitter.com/UnLP4XkaO4
— MFS Africa (@MFS_Africa) October 20, 2021