MFS Africa plans expansion into Nigeria with Baxi acquisition

MFS Africa, a leading pan-African fintech company, is set to revolutionize cross-border payments in Nigeria through its recent acquisition of Baxi, one of Nigeria's leading online and offline payment integrators. The deal, once completed, will mark the second largest fintech acquisition in Nigeria to date. With the acquisition of Baxi, MFS Africa aims to connect Nigerian businesses to the continent and the rest of the world by simplifying cross-border payments and integrating payments via one hub. Dare Okoudjou, the CEO of MFS Africa, recently joined CNBC Africa to discuss the strategic implications of the deal. Okoudjou highlighted the synergistic effect between MFS Africa's cross-border payment solutions and Baxi's network, which currently boasts approximately 90,000 agents across all 36 states of Nigeria. He emphasized that the acquisition will enable MFS Africa to deepen its presence in Nigeria and tap into the significant cross-border trade potential within the region. The CEO also underscored the value of cross-border business for small and medium enterprises (SMEs) in Nigeria, stressing the interconnectedness of markets across Africa. He noted that while SMEs often focus on their local markets, cross-border trade presents a lucrative opportunity for growth. Okoudjou highlighted the importance of leveraging Baxi's super agent network to expand financial services access and facilitate digital payments in underserved communities. The acquisition of Baxi will not only enhance MFS Africa's service offering in Nigeria but also pave the way for future expansion into other African markets. The deal is expected to bring new services to Nigerian customers, particularly in the realm of cross-border payments. By combining MFS Africa's cross-border payment expertise with Baxi's local market knowledge, customers can expect seamless payment solutions for transactions within Nigeria and beyond. The CEO emphasized that the technology and know-how developed by Baxi have the potential for broader application across various African countries in the future. Furthermore, Okoudjou reflected on the evolution of payment services in Africa, highlighting the continent's position as a frontrunner in fintech innovation. He attributed this progress to a new generation of African tech entrepreneurs who are committed to driving positive change and prosperity across the continent. Okoudjou commended Nigeria for emerging as the fintech capital of Africa and underscored the continent's collective pursuit of leveraging technology to improve lives. As MFS Africa continues to expand its footprint and enhance its offerings, the acquisition of Baxi signals a significant step towards advancing financial inclusion and connectivity in Nigeria and beyond.