Pan-Africa fintech company MFS Africa has acquired an international airtime top-up provider, Sochitel. The move is meant to create a high value transfer payment network focusing on Africa.
The MFS Africa Hub enables cross-border, cross-currency, cross-network payments within and into Africa, reaching an estimated 100 million mobile wallets across all major mobile money networks. The Sochitel acquisition adds airtime top-up to the MFS Africa portfolio, which already includes remittances, e-commerce and bill payment.
On the other end, Sochitel enables international airtime top-up services through a variety of channels and partners.
“The time is clearly ripe for consolidation in this industry,” said Faisal Khan, a payments expert specializing in international money transfer. “Airtime top-up is a natural complement to money remittances. It’s exciting to see a Pan-African company such as MFS Africa take the lead in consolidating digital cross-border payments. This acquisition makes a lot of sense both from a product portfolio and network synergy point of view.”
MFS Africa will also be able to leverage Sochitel’s deep reach and understanding of the African diaspora in Europe and North America to develop innovative value added services for its partners.
“We are thrilled to join forces with another leader in African fintech,” said Jerry Ejikeme, founder and CEO of Sochitel. “Money transfer is a logical next step for us and we are eager to bring this service to our client base, while also extending airtime transfer services to MFS Africa Hub clients. Together, we have an incredible service offering for Africans, the African diaspora and trade partners around the world.”
“We are very proud to expand our network and offering with Sochitel joining the MFS Africa family,” said Dare Okoudjou, founder and CEO of MFS Africa. “Our mission to reduce remittance costs and enhance digital payments in Africa is considerably strengthened through the partnership with Sochitel.”