MFS Africa to Acquire U.S Prepaid Card Processor GTP
Africa’s largest digital payments network, MFS Africa says it has reached an agreement to buy Global Technology Partners (GTP) a U.S-based tech company. Founder, MFS Africa, Dare Okoudjou, said in a statement that the acquisition would be a momentous milestone for the company, nation and Africa’s tech ecosystem.
Okoudjou, who is also the Chief Executive Officer of the firm, said that the company was delighted to be welcoming the GTP team to the MFS Africa family. GTP based in Tulsa, Oklahoma, is the number one processor of prepaid cards in Africa, with over 80 banks in 34 countries.
‘’GTP expertise enables us to extend our value proposition of last-mile connectivity to African banks and to accelerate our offering of card connectivity to mobile money users and other fintech companies operating across the continent.
‘’The combined operations have immense and exciting growth potential, and with our extended portfolio, we are now truly an omnichannel payments company,’’ he said. READ: Digital Payment Network MFS Africa Raises $100m for Expansion
According to him, this acquisition enables MFS Africa to further deepen its offering to Africa’s big economy, the business travel market and the millions who eagerly want to participate in global digital commerce.
He said that the acquisition, when finalised, would expand MFS Africa’s bank and fintech base and provide tokenisation for the mobile money world in connecting with the traditional card ecosystem such as Visa and Mastercard.
Robert Merrick, Founder of GTP was quoted as saying that “GTP’s established position as Africa’s number one prepaid card processor has been built on its unique, flexible platform that actively helps prepaid cards to succeed.”
Merrick said that GTP had connected the right solution to the right markets with the right products.
According to him, MFS Africa is an ideal home for GTP, and we are focused on adding new features and functionalities to our platform.
He said the company was focused on signing up new clients, expanding into new countries, driving growth and making a significant contribution to growing MFS Africa’s business and its network of networks.
According to Medrick, following the acquisition, MFS Africa plans to further invest in GTP’s current card programmes with banks.
‘’The company will also leverage GTP’s stack to fast-track card programmes for MNOs and FinTechs across Africa.
‘’MFS Africa intends to leverage on GTP’s presence in the USA to expand its commercial activities in North America,’’ he said. #MFS Africa to Acquire U.S Prepaid Card Processor GTP