MFS Africa, a pan-African digital payments hub, says it has signed an agreement to acquire Baxi, one of Nigeria’s super-agent networks.
A statement said the deal, which was subject to approval from the Central Bank of Nigeria, would be the second highest fintech acquisition in Nigeria to date.
It said, “Nigeria is home to one of the most dynamic markets on the continent; it is Africa’s largest economy and home to the largest number of SMEs.
“It is also the largest remittance market in Africa and home to one-third of intra-Africa remittance flows. MFS Africa’s presence in Nigeria to date has been limited given the country’s small number of mobile wallets.
“With the acquisition, MFS Africa will expand its pan-African network into Nigeria, connecting Nigerian businesses to the continent and the rest of the world.”
Dare Okoudjou, MFS Africa Founder and Chief Executive Officer, said, “This deal is a pivotal step in our journey. By combining Baxi’s network of SMEs operating as agents with our pan-African network, we aim to take Nigeria’s SMEs to the rest of Africa and the world.
Degbola Abudu, the chief executive officer, Baxi, said, “We’re thrilled to partner with the MFS Africa team to expand our service offering for individuals and SMEs.
“We believe that we’ve barely scratched the market’s potential. Only three per cent of Nigerian SMEs have access to credit products.”