MFS Africa announced its acquisition of Baxi, a super-agent network in Nigeria


OnΒ Wednesday, October 20, 2021, Pan-African digital payments hub, MFS Africa announced its acquisition of Baxi, a super-agent network in Nigeria, for an undisclosed amount.

FoundedΒ in 2009, MFS Africa connects mobile money systems to banks and other financial institutions. Baxi, on the other hand, is a platform launched by payments-oriented company, Capricorn Digital Limited.

Baxi offers digital payments services including, bill payments, airtime purchases, withdrawals, and money transfers. It provides them through a network of agents across Nigeria.

What does the acquisition mean?Β The deal, which is subject to approval from the Central Bank of Nigeria (CBN), could ease online and offline cross-border payments for Nigerian SMEs despite low mobile money activity in the country.


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