Equator Capital Partners LLC announced, on October 30, 2018, an investment from its new fund, ShoreCap III LP, into fintech MFS Africa, a pan-African leader operating the continent’s largest digital payments hub.
MFS Africa is a pan-African company specializing in financial technologies. The MFS hub is connected to more than 170 million mobile wallets in sub-Saharan Africa.
The development of financial technology applications by microfinance and microinsurance companies, SME banks, leasing companies and housing finance companies is attracting many new investments and opportunities across the continent.
“MFS Africa is well positioned to evolve and deliver Mobile Financial Services, vital to tens of millions of underfunded customers in Africa,” said Franklin Kennedy, Managing Director of Equator Capital Partners.
Led by seasoned experts in mobile money technology, MFS Africa has great potential for connecting consumers and small businesses, and facilitating remittances and cross-border transactions in Africa.
For his part, Dare Okoudjou, CEO of MFS Africa, said, “We have spent years developing and perfecting our MFS Hub to connect mobile money users across Africa to each other and to global payments ecosystem. We view this investment and this new partnership with Equator Capital Partners as a testament to our performance and unique potential; We look forward to working with them to bring innovative mobile-based financial services to our network. “
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