In a rare acquisition of a US tech company by an African tech corporation, MFS Africa, Africa’s greatest digital payments community, nowadays announces that it has arrived at an settlement to obtain World wide Technology Partners (GTP).
Based mostly in Tulsa, Oklahoma, GTP is the range just one processor for pay as you go playing cards in Africa, with in excess of 80 banks – like UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Lender – using its platform. GTP’s customer foundation handles 34 international locations and is absolutely connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it supplies the processing. This acquisition allows MFS Africa to further more deepen its providing to Africa’s gig overall economy, the small business travel market and the tens of millions who eagerly want to participate in worldwide digital commerce as a result of card qualifications linked to mobile funds wallets – rather than lender accounts – for seamless and safe on-line purchases. It also expands MFS Africa’s lender and fintech foundation and offers tokenisation for the cellular cash environment in connecting with the classic card scheme ecosystems these kinds of as Visa and Mastercard.
Founder and CEO of MFS Africa, Dare Okoudjou, claimed: “This is a momentous milestone for us and Africa’s tech ecosystem – on quite a few amounts. It is anything of a 1st for an African tech organization to acquire a US tech corporation of GTP’s dimension and stature, and we’re delighted to be welcoming the GTP team to the MFS Africa loved ones. Their expertise enables us to prolong our value proposition of final-mile connectivity to African banks and to accelerate our providing of card connectivity to mobile cash users and other fintech corporations operating throughout the continent. The mixed operations have immense and enjoyable development prospective, and with our prolonged portfolio, we are now actually an omnichannel payments enterprise.”
Robert Merrick, Founder and Chairman of Worldwide Know-how Partners, commented: “GTP’s established posture as Africa’s number one particular pay as you go card processor has been created on its special, flexible system that actively assists prepaid cards to be successful. We have become the chief of pay as you go playing cards in Africa mainly because of our individuals, who have legitimate in-depth expertise not only of the pay as you go card business but also of the realities that African card buyers encounter. We link the appropriate resolution to the appropriate markets with the ideal products. MFS Africa is an ideal household for GTP, and we are concentrated on introducing new attributes and functionalities to our system, signing up new customers, increasing into new countries, driving growth and building a significant contribution to growing MFS Africa’s business and its community of networks.”
Subsequent GTP’s acquisition, MFS Africa strategies to further invest in GTP’s current card programmes with banking companies and provide to these all the improvements and prospects supplied by the MFS Africa HUB – such as seamless interoperability with Cellular Funds. The organization will also leverage GTP’s stack to speedy-track card programmes for MNOs and FinTechs across Africa. Finally, MFS Africa intends to leverage GTP’s existence in the Usa to grow its industrial pursuits in North The united states.