MFS Africa Acquires Global Technology Partners for $34 million

MFS Africa has agreed to buy Global Technology Partners for $34 million in cash (GTP).

GTP is Africa’s top prepaid card processor, with UBA, Ecobank, BIA, Stanbic, Coris, NSIA, and Zenith Bank among the over 80 banks that use their platform.

GTP’s client base is spread over 34 countries, and the company is fully integrated with the Visa, Mastercard, GIM, GIMAC, and Verve payment networks.

“On many levels, this is a tremendous milestone for us and Africa’s tech economy,” said Dare Okoudjou, founder and CEO of MFS Africa. It’s the first time an African IT firm has purchased a US IT firm of GTP’s size and reputation, and we’re delighted to welcome the GTP team to the MFS Africa family.

Their expertise enables us to broaden our last-mile connectivity value proposition to African banks and to improve the speed with which we can provide card connectivity to mobile money customers and other fintech companies operating across the continent. “We are now truly an omnichannel payments company,” Okoudjou said, noting that the combined operations have tremendous and exciting growth potential.

“The unique, adaptive technology that actively helps prepaid cards grow has helped GTP establish itself as Africa’s number one prepaid card processor,” stated Robert Merrick, Founder and Chairman of Global Technology Partners. We have become Africa’s prepaid card leader as a result of our people, who have in-depth understanding of not just the prepaid card market but also the realities that African card users face. We pair the best solution with the most appropriate markets and goods. We’re working hard to add new features and services to our platform, sign up new clients, expand into new countries, drive growth, and contribute significantly to MFS Africa’s business and network of networks.”

Following the acquisition of GTP, MFS Africa plans to increase its investment in GTP’s existing card programs with banks, bringing all of the MFS Africa HUB’s innovations and capabilities to these programs, including seamless connection with Mobile Money.

The firm will also use GTP’s stack to speed up card programs for MNOs and Fintechs across Africa. Finally, by utilizing GTP’s position in the United States, MFS Africa intends to expand its commercial activity in North America.

MFS Africa will be able to expand its offering to include the African gig economy, business travel, and the millions of people who want to participate in global digital commerce by using card credentials linked to mobile money wallets rather than bank accounts for smooth and safe online purchases.