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MFS Africa – Cross Border Payments Innovation



MFS Africa is a financial technology company offering mobile financial solutions across Africa by enabling digital inter-operability. MFS Africa’s services allow its partners’ customers and SMEs to send and receive money across borders, payments instruments and agents (mobile wallet, card, bank account, and over-the-counter).

Investment Details


MFS Africa – Cross Border Payments Innovation


A leading digital payments gateway


Digital payments


Sub-Saharan Africa with global penetration

In portfolio since

2018 - 2021

Our role

  • At FSDAi, we believe access to payments services is a core building block for financial inclusion and the digital economy, and we seek to back solutions created by forward-looking African founders. High costs of remittance services and limited send channels make cross-border payments inaccessible for most low-income and SME market segments in Africa – our investment successful backed Dare Okoudjou’s MFS Africa vision to overcome these crucial bottlenecks
  • Our investment supported the development of MFS Africa’s payments infrastructure required for economic inclusion contributing to new remittance corridors into Africa and between African countries, cross-border merchant payments, and the expansion and diversification of MFS Africa’s partner base including global players such as Visa.
  • Overall, our aim is to demonstrate profitable and interoperable cross-border payments provision in Africa at scale.
  • We exited MFS Africa during its Series C in October 2021 as it raised $100million

Our investment

Committed capital:£2.66 million in series B

Instrument: Equity

Purpose and target market

Through our investment, we had targetted the following key results:
  • Demonstration of a cross-border payments provider that leverages mobile channels to scale and support interoperability among service providers and payments instruments;
  • Acceleration in the adoption of digital payments and lowering of costs to users;
  • Positioning MFS Africa as a leading African digital payments company; and,
  • Unlocking new sources of capital flowing through financial markets in the form of remittances and investment capital via the early-stage financing of a promising innovative business model.

Impact to date

320 million Mobile money wallets connected by MFS Africa’s full-service digital network to enable cross-border payments for remittance companies, financial service providers, and global merchants

$1.8 billion MFS Africa’s cumulative transactional value processed over FSDAi’sinvestment period

35+ African countries covered by MFS Africa’s platform

$23 million New capital invested into MFS Africa over the investment period. Debt Investors: lendable, Afrasia Equity Investors: Allan Gray, Goodwell

3 Partnership and Acquisitions MFS Africa acquired Baxi (Nigeria), Beyonic (Uganda) and closed a partnership with VISA

Investee contacts

MFS Africa Limited (Johannesburg, South Africa)

FSD Africa contact

Riverside Green Suites (Palm Suite), Riverside Drive, Nairobi

Updated: October, 2022