This line-up of stories will help you discover the latest happenings around the tech world, today.
1. MFS Africa acquires Nigeria’s fintech startup Baxi
Pan-African payments company, MFS Africa, has acquired Nigerian fintech startup Baxi.
The startup, which is one of the country’s leading super-agent networks, was founded in 2014 by Degbola Abudu and Folu Majekodunmi.
The acquisition will facilitate MFS Africa’s expansion into Nigeria.
Before the acquisition, Baxi provides a cash-in/cash-out offering as well as value-added services such as account opening, money transfer, bill payment amongst others.
The startup, since its inception, claimed to serve the last mile through its network of more than 90,000 agents.
Meanwhile, the deal is still subject to approval from the Central Bank of Nigeria.
It is expected that MFS Africa will also expand Baxi’s proposition for offline SMEs such that it can select markets within MFS Africa’s footprint of 320 million mobile wallets across more than 35 African countries.