MFS Africa acquires Nigerian e-payment network Baxi

MFS Africa, a pan-African digital payments hub, says it has completed its acquisition of Capricorn Digital Ltd., popularly known as Baxi.

The company’s media contact, Veronique Verlinden, Senior Communication Director at Brands Communication, made the disclosure in a statement.

It said that the transaction was first announced in November 2021 pending approval of the Central Bank of Nigeria, which has now been granted.

According to the statement, Capricorn Digital Ltd., also known as Baxi, is one of Nigeria’s largest independent SME-focused electronic payment networks, with over 90,000 agents.

“It provides a cash-in/cash-out offering as well as value-added services (account opening, money transfer, bill payment and more) to the last mile.

“The acquiring Baxi is also an opportunity to provide entry into the Nigerian market for MFS Africa.

“Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network, while MFS Africa simplifies cross-border payments and integrates payments via one hub,” the statement said.

It said that Baxi’s growth has accelerated over the last 24 months, achieving over US$1.6 billion worth of transactions in 2021.

It noted that MFS Africa would build Baxi into a key node on its digital payment network, enabling customers to make regional and global payments to and from Nigeria.

According to the statement, Baxi’s distributions network represents a crucial interface for banks, fintechs and other financial services providers to reach Nigeria’s 100 million financially unserved or underserved individuals and small businesses.

Recall that Baxi is one of the largest independent non-bank SME focused electronic payment networks in Nigeria operating an Omnichannel platform that enables digital payment through mobile, in-store location, online, wallets and B2B channels.