MFS Africa has completed its acquisition of Capricorn Digital Limited, known in the market as Baxi, following approval of the transaction by the Central Bank of Nigeria.
Baxi is an independent SME-focused electronic payment networks, with over 90,000 agents. It provides a cash-in/cash-out offering as well as value-added services (account opening, money transfer, bill payment and more) to the last mile.
Crucially it provides entry into the Nigerian market for MFS Africa. Once Baxi is integrated as a key node on MFS Africa’s digital payment network, customers will be able to make regional and global payments both to and from Nigeria.
“This deal is a pivotal step in our journey. By combining Baxi’s network of SMEs operating as agents with our pan-African network, we can connect Nigeria’s SMEs to the rest of Africa and the world,” says Dare Okoudjou, MFS Africa’s Founder and CEO.
“The acquisition will also provide exciting synergies as Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omnichannel distribution network, while MFS Africa simplifies cross-border payments and integrates payments via one hub.”
Baxi’s distributions network represents a crucial interface for banks, fintechs and other financial services providers to reach Nigeria’s 100 million financially unserved or underserved individuals and small businesses.
“Our expansion into Nigeria brings us one step closer in our mission of making borders matter less,” says Dare Okoudjou.