MFS Africa has acquired Capricon Digital which owns the Baxi brand that is based in Nigeria. Capricon Digital was established in 2014 by Degbola Abudu and is a fintech company with a platform for utility bill payments, money transfer, airtime purchases, data subscriptions and TV subscriptions. The company also provides these services to small to medium sized businesses in Nigeria. The acquisition amount was not disclosed.
MFS Africa is a fintech company that provides a gateway to send money to mobile wallets in Africa and covers 200 million mobile money recipients across all major networks. MFS Africa connects mobile money systems to each other and to money transfer organizations, banks and other financial institutions, enabling money remittances to and from mobile money accounts. Through partnerships with major mobile network operators like Airtel, Econet, MTN, Orange, Tigo, and Vodafone, MFS Africa has become the largest mobile money gateway in Sub-Saharan Africa through its API platform.