Fintech company MFS Africa acquires US-based prepaid card processor

Fintech company MFS Africa acquires US-based prepaid card processor
Photo by Nathana Rebouças / Unsplash

MFS Africa, one of the leading digital payments network in Africa announced today it will buy Global Technology Partners (GTP), a US tech company, for an undisclosed fee.

  • GTP processes prepaid cards in Africa, with over 80 banks including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank using its platform.
  • This acquisition will enable MFS Africa to further deepen its offering to Africa’s gig economy, the business travel market and the millions who eagerly want to participate in the global digital commerce through card credentials linked to mobile money wallets – rather than bank accounts – for seamless and secure online purchases.
  • The company says that the deal will also expand its bank and fintech base and provide tokenisation for the mobile money world in connecting with the traditional card scheme ecosystems such as Visa and Mastercard.
  • GTP’s client base covers 34 countries and is fully connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it provides the processing.