MFS Africa has said it will build Capricorn Digital Limited (Baxi) into a key node on its digital payment network as it leverages on the super agent payments track record which includes $1.6 billion of transactions over the last 2 years.
This is as the pan-African digital payments hub completes the acquisition of Baxi in a process that had since begun in October 2021.
With the approval of the CBN, MFS Africa wants to enable customers to make regional and global payments to and from Nigeria.
In addition to providing entry into the Nigerian market, MFS Africa says the acquisition also provides exciting synergies between the two fintechs.
This is as Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network while MFS Africa simplifies cross-border payments and integrates payments via one hub.
What you should know
- Nairametrics reported in October 2021 that MFS Africa had signed an agreement to acquire Capricorn Digital, Baxi’s parent business, for an undisclosed sum.
- Baxi is a Nigerian independent SME-focused electronic payment network, with over 90,000 agents, providing a cash-in and cash-out offering as well as value-added services including account opening, money transfer, bill payment and more – to the last mile.
- Capricorn Digital Limited (Baxi) is also an independent non-bank SME focused electronic payment network in Nigeria operating an Omnichannel platform that enables digital payment through mobile, in-store location, online, wallets and B2B channels.
- It says its mission is to bring a wide bouquet of digital products and services to the grass root and mass-market consumers through innovation, technology and a world-class retail distribution.