Founded in 2010, MFS Africa has grown into the continent’s largest digital payments network, connecting more than 320 million African mobile money wallets. The company expanded into Nigeria in October, with the acquisition of agent network Baxi, in what it describes as the country’s second-largest fintech purchase deal. In November, it announced $100m in Series C funding co-led by African private equity fund AfricInvest Five.
MFS Africa CEO Dare Okoudjou spoke to The Banker about the evolution of the agent banking model, the future of mobile banking on the continent, and the comparative advantages held by banks, fintechs and telcos in expanding access to financial services across the continent.
