MFS Africa agreed with GPT Partners to buy the company for $34 million to facilitate payment processing in Africa.
More than 80 African financial institutions, including Ecobank, Zenith Coris, BIA, Stanbic, and UBA, use the platform provided by GTP, making it the most popular prepaid card processor in Africa.
The customer base of GTP extends across thirty-four nations. The company is fully integrated with Mastercard, Verve, Visa, GIM, and GIMAC networks to handle payment transactions.
The Chief Executive officer and founder of MFS Africa, Dare Okoudjou, remarked, “It is a big achievement for MSF and Africa’s technology industry — in many ways .” It is the first time an African information technology company has purchased a United States technology company of GTP’s prestige and size. We couldn’t be happier to have the GPT group join our MFS family in Africa.
Their experience will enable us to broaden the value proposition of our last-mile connectivity service to banks in Africa. Additionally, we were able to hasten the delivery of card connectivity with mobile money users and other financial technology firms operating in Africa. Okoudjou mentioned that “, we have finally arrived at the point where you can call us an omnichannel payment firm.” He added that the joint operations have enormous and exciting potential for growth.
Global Technology Partners (GTP) is Africa’s leading firm in prepaid card processing, thanks to an adaptable and unique platform that promotes the growth of prepaid cards, says Robert Merrick, GTP’s Chairman and Founder.
Because our personnel know a lot about the prepaid card market and the problems users of the card in Africa face. We are now the leader in Africa when it comes to prepaid cards. We link the right products and solutions to the right markets.
GTP is an excellent option for MFS Africa, and we’re striving harder to add new functions and features to the platform, expand to other countries, get new clients, boost growth, and make a big difference to MFS Africa’s operations as well as its network of networks.
After buying GTP, they want to put more money into the current card programs of Global Technology Partners with banks. It will do this by bringing every possibility and innovation of MFS Africa Hub to these programs and seamlessly integrating Mobile Money into the system.
The company will also use the Global Technology Partners stack to speed up the card programs for Fintech and MNOs companies all over Africa. Last but not least, MFS Africa wants to grow its business within North America. It will achieve this by taking advantage of Gpt’s position in the US.
MFS Africa will be capable of offering more services to the business travel sector, millions of those who want to participate in global commerce and the African gig economy by using card credentials connected to mobile money wallets instead of bank accounts for secure and smooth online purchases.