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MFS Africa Acquires Baxi, Expands into Nigeria

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MFS Africa, has announced a signed agreement to acquire Nigeria’s super-agent networks, Baxi.

“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.

“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. Our expansion into Nigeria brings us one step closer in our mission of making borders matter less,” said Dare Okoudjou, MFS Africa founder and CEO.

Founded in 2014 by Degbola Abudu and Folu Majekodunmi, Baxi is one of Nigeria’s largest independent SME-focused electronic payment networks.

Baxi provides a cash-in/cash-out offering as well as value-added services including account opening, money transfer, bill payment, among others, to the last mile. Through its network of more than 90,000 agents, Baxi has already processed over $1 billion in transactions this year.

Following the acquisition’s close, MFS Africa will build Baxi into a key node on its digital payment network, allowing customers to make regional and global payments to and from Nigeria.

MFS Africa will also expand Baxi’s proposition for offline SMEs to select markets within MFS Africa’s footprint of 320 million mobile wallets across more than 35 African countries.

Previous restrictions to mobile network operators’ participation in mobile money services have restrained the sector’s growth in Nigeria.

To serve the more than 55% of Nigerian consumers currently excluded from formal financial services, Nigerian fintech that has built strong agent networks are the crucial interface to reach Nigeria’s 31,000,000 financially underserved and 67,000,000 financially unserved populations.

Supporting and nurturing SMEs is crucial to Nigeria’s economy, as they contribute 50% of Gross Domestic Product and provide 76% of jobs. With its presence in 36 Nigerian states, Baxi fills a critical gap by providing unbanked Nigerians and informal SMEs access to financial services.

The focus areas of both companies are complementary. Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network. MFS Africa simplifies cross-border payments, integrating payments via one hub.

“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 3% of Nigerian SMEs have access to credit products. By teaming up with MFS Africa, and with the strong support of our local commercial banking partners, we can offer more value-added products and services, such as cross-border payments, to support Nigerian SMEs in their growth,” said Degbola Abudu, Baxi CEO.

Following the acquisition of Beyonic in 2020, MFS Africa continues to accelerate and lift its growth with strategic investment and acquisition, which are actively supported by its shareholders. LUN Partners Financial and FT Partners served as financial and strategic advisors to MFS Africa in this transaction.

PWC Nigeria and Nihilent advised MFS Africa on Commercial, Product and Technological due diligence. Da Hui and TNP were legal advisors to MFS Africa. Baxi was advised by financial advisor Verdant Capital and DAI Magister. Their legal counsels were Udo Udoma & Bello-Osagie (UUBO) in Nigeria and Akin Gump Strauss Hauer & Feld LLP in London.

 

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NASENI Retreat Focuses on Aligning Development Institutes’ Goals

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In order to achieve greater cohesion amongst its Development Institutes and also sustain their proper alignment with the goals and vision of the National Agency for Science and Engineering Infrastructure, NASENI, the Agency is holding a two-day strategic retreat for Overseeing Officers who are managing the institutes.

Participants at the retreat also include Project Managers, Coordinating Directors and some Directors from NASENI headquarters.

The event, held in Abuja, is expected to strengthen leadership skills to achieve strategic alignment of the various Development Institutes’ goals with the overarching vision of NASENI, ensure collaborative synergies with the headquarters to streamline efforts, maximize resource utilization and enhance decision making capabilities.

It will also shift the focus of research and development (R&D) efforts towards solutions that are market-ready, innovative and capable of generating sustainable economic values.

In his welcome address at the opening ceremony, the Executive Vice Chairman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, stated that the retreat was not merely about planning, but about creating the blueprint for action, adding that each of the participants hold a unique and pivotal role in translating the vision of NASENI into reality.

“The conversations, strategies, and commitments forged here will determine how effectively we position NASENI to lead Nigeria into a future defined by innovation, self-reliance, and technological advancement, instill a shared commitment to excellence by adopting global best practices in innovation management”, he stressed.

He pointed out that recent assessments have shed light on the need for greater cohesion between the goals of the Development Institutes and NASENI’s renewed vision, highlighting that the retreat was a critical step in the Agency’s transformative journey-a journey anchored in the guiding principles of Creation, Collaboration, and Commercialization (3Cs).

He added that the principles encapsulate the essence of what NASENI stands for: creating cutting-edge solutions that are commercially viable and impacting directly on the lives of Nigerians who sit at the core of the renewed hope agenda of the President.

“Today, we gather not just to deliberate but to lay the groundwork for a stronger, more unified NASENI-one that is poised to drive Nigeria’s technological aspirations to unprecedented heights.

“As an institution saddled with the responsibility of indigenous technology advancement, NASENI has always been a beacon of innovation, a catalyst for progress, and a key driver of sector-specific solutions.

“Across our specialized Development Institutes, I see clearly that remarkable work has been done to push the frontiers of research, foster innovation, and develop solutions that address national and industrial challenges.

“Yet, we recognize that to stay true to our mission in this rapidly evolving world, we must continuously adapt, align, and refocus our efforts”, he affirmed.

The EVC/CEO, therefore urged the top management staff to engage fully, think boldly, and collaborate purposefully. “This is our moment to redefine our collective impact and to reaffirm our dedication to a vision that transcends individual institutes to unite us under the banner of progress for our nation.

“Together, we can and will achieve extraordinary outcomes. Let us move forward with clarity, resolve, and to demonstrate an unyielding commitment to excellence that defines NASENI,” he concluded.


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IHS Nigeria Partners with the NCMM to Digitize Nigeria’s Cultural Heritage

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IHS Nigeria, part of the IHS Holding Limited (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count has announced a strategic partnership with the National Commission for Museums and Monuments (NCMM) and the Federal Ministry of Art, Culture, and the Creative Economy (FMACCE) to support the digitization of Nigeria’s cultural heritage.

This collaboration aims to make Nigeria’s historical artifacts, artworks, and cultural monuments more accessible to the public through a digital museum.

The partnership between IHS Nigeria, NCMM, and FMACCE will leverage technologies to digitalize and display artifacts online, helping to preserve and showcase Nigeria’s cultural heritage. It marks a significant step towards modernizing the preservation and dissemination of Nigeria’s cultural assets, making them more accessible to a broader audience.

The digital museum is the first significant project under the Honorable Minister’s Digital Culture Initiative and is designed to provide a platform for the exploration and appreciation of Nigeria’s diverse cultural heritage. This partnership underscores IHS Nigeria’s commitment to sustainability and its role in helping foster cultural preservation and digital education.

Mohamad Darwish, CEO, IHS Nigeria, commented, “We are excited to partner with the National Council for Museums and Monuments and the Federal Ministry of Art, Culture and the Creative Economy on this groundbreaking initiative. As a company deeply rooted in Nigeria, we recognize the importance of preserving, protecting, and promoting our cultural heritage.

“This partnership also aligns with our commitment to sustainability, education, economic growth, and community development. We look forward to contributing to the preservation of Nigeria’s cultural legacy”.

Hannatu Musawa, Nigeria’s Minister of Art, Culture and the Creative Economy, commented, “We are delighted to partner with IHS Nigeria on this initiative which aligns with His Excellency President Bola Ahmed Tinubu’s Renewed Hope Agenda, and our Ministry’s 8-point plan on fostering strategic partnerships.

“I am particularly pleased that this initiative, which is the first significant project under our Digital Culture Initiative, embodies our commitment to innovation, global partnerships, and the sustainable growth of our creative industries, positioning Nigeria as a leader on the global stage.”

Olugbile Holloway, Director General, National Commission for Museums and Monuments, commented, “We are grateful to IHS Nigeria for their support in this remarkable initiative.

“We believe that to keep ahead of current trends and appeal to a younger demographic, it is imperative that a digital experience of our rich cultural heritage is created and made available to the public.

“The digital museum will serve as an invaluable resource for researchers, students, and the general public, both in Nigeria and around the world, and will play a crucial role in the preservation of our national heritage.”

 


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Google Faces Major Antitrust Action: DOJ Demands Chrome Sale

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In a significant escalation of its antitrust battle against Google, the US Department of Justice (DOJ) on Wednesday, November 20, urged a federal judge to break up the tech giant by ordering the sale of its widely used Chrome browser.

The DOJ also called for an end to Google’s agreements to be the default search engine on smartphones and proposed measures to prevent it from leveraging its Android operating system to dominate the market.

The DOJ suggested that if these remedies fail, Google should be compelled to divest Android entirely. The proposals mark one of the most aggressive antitrust moves against a major tech company in decades, with regulators seeking to curtail Google’s alleged abuse of its market power.

Google’s president of global affairs, Kent Walker, criticized the filing, accusing the DOJ of pursuing a “radical interventionist agenda.” Walker warned that the proposed breakup would disrupt Google’s product ecosystem, harm innovation in artificial intelligence, and threaten America’s global technological leadership.

This case represents a historic shift in the US government’s approach to regulating tech companies, following decades of relative inaction since the failed attempt to break up Microsoft in the early 2000s.

Google is set to respond in a filing next month, with a hearing scheduled for April before Judge Amit Mehta. The judge’s August ruling declared Google a monopoly, setting the stage for this next phase of the legal battle. Any decision is likely to be appealed, potentially taking years to resolve and possibly reaching the US Supreme Court.

The case’s future could also hinge on political changes, as President-elect Donald Trump’s incoming administration may take a different approach to antitrust enforcement. Trump has previously criticized Google for alleged bias against conservatives but has also expressed skepticism about breaking up major tech companies.

The DOJ’s proposals come amid broader efforts to address the dominance of big tech, with five antitrust cases currently pending against Amazon, Meta, Apple, and Google. These cases, brought under the Biden administration, are expected to shape the regulatory landscape for years to come.


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