Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!
MFS Africa is a pan-African fintech company that develops innovative value added services for mobile wallets. The company works in close partnership with mobile network operators and financial institutions to bring simple and relevant financial services to un- and under-banked customers. MFS Africa currently connects over 170 million mobile wallet customers in sub-Saharan Africa. The MFS Hub also connects money transfer operators, banks, and merchants to mobile wallets in Africa, allowing these partners to take advantage of the growing popularity of mobile wallets as safe, convenient, compliant, and cost effective delivery channel for international remittances. For more information visit www.mfsafrica.com.
MFS Africa works with mobile payment networks, banks, and financial organizations to give simple & relevant financial offers to the unbanked and underbanked customers. It offers forex, technical interconnection, and financial settlements between banks, mobile wallet operators, financial organizations & other partner connected to their hub.
The company offers an API that enables banks and financial institutions to offer financial services, payments & money remittances to mobile wallet users. The API integrates with banks to create relevant financial offers for underserved customers through their mobile wallets. Cross-border payments, money transfer from one mobile wallet to another can also be achieved with the MFS interoperating interface. It also provides a secure & traceable network for bulk payments to transfer salaries and commissions, which is ideal for the corporate sector.
Commission-based transactions between the customer and bank/financial institution.
The company will use the funds to broaden its reach in providing cross-border, cross-currency, and cross-network solutions to merchants, mobile network operators, and money transfer companies.
$10M to $50M
SERIES B · $14 M · Oct 2018
OTHERS · $1.2 M · Jan 2020