MFS Africa completes the acquisition of Capricorn Digital Ltd as its parent company plans to innovate electronic payments to feature as a developed digital payment gateway with a high-end key node. MFS remains a pan African digital payment network based in the caucasian money market influencing the Nigerian FinTech market paired with its subsidiary FinTech resources.
Recall Techbooky.com published the Capricorn acquisition by MFS Africa that started in October 2021. MFS aims to leverage the African digital payment ecosystem as the largest electronic payment hub in Africa. Capricorn is the super-agent digital payment gateway with multiple networks of cash remittance such as B2B channels, BaxiBox/pos, BaxiPay, and RIMS — these are significant features that made the FinTech company accomplish a $1.6bn in the space of two years.
Prior to Capricorn’s acquisition by MFS Africa, the parent company has gained the Central Bank of Nigeria’s approval to allow customers to make cross-border payments from Nigeria via the MFS digital gateway. The CBN approval also covers remitting cash to customers in Nigeria via MFS electronic gateway as well as gaining entry into the Nigerian FinTech industry. Nonetheless, acquiring Capricorn gave MFS Africa the best chance to influence the Nigeria FinTech industry backed by the CBN’s authority.
Capricorn’s FinTech company gained the limelight with Baxi’s operation as an autonomous FinTech company powered by Capricorn’s network. While Capricorn makes online and offline payments for Nigerian SMEs and merchants instant, MFS also serves as an acute payment network that processes cross-border payments to customers outside the West African market.
Baxi focuses its digital payment platform on SMEs based in Nigeria and has thousands of agents stationed across the country. The Baxi network can either make a cash withdrawal, cash deposits, bill payments, money transfer, account opening, and other electronic added services. On the other hand, Capricorn also focuses on SMEs as an electronic payment network via mobile wallet, online B2B channels, etc.
Since MFS Africa acquired Capricorn Digital Ltd, they have reportedly served the Nigerian FinTech market via the omnichannel distribution network that poses as a prominent FinTech hub. Still, neither MFS nor Baxi’s Capricorn has disclosed the amount MFS Africa paid to acquire its subsidiary FinTech startup company in 2021.