MFS Africa, a digital payments gateway has reached an agreement to buy Oklahoma US-based Global Technology Partners (GTP), a prepaid card processor in Africa for USD 34 million.
MFS Africa said the acquisition will enable it “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.”
“This is a momentous milestone for us and Africa’s tech ecosystem – on many levels. It’s something of a first for an African tech company to acquire a US tech company of GTP’s size and stature, and we’re delighted to be welcoming the GTP team to the MFS Africa family,” Dare Okoudjou, Founder and CEO, MFS Africa said.
“The company will also leverage GTP’s stack to fast-track card programmes for MNOs and fintech across Africa,” MSF Africa said in the statement.
Based in Tulsa, Oklahoma, GTP is the number one processor for prepaid cards in Africa, with over 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – using its platform.
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.