#61: MFS Africa - How the payments network hub is connecting telcos & financial institutions to increase interoperability across Africa and beyond


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By Olumide Ogunsanwo & Bankole Makanju, Olumide Ogunsanwo, and Bankole Makanju. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Overview: Today, we’re going to talk about MFS Africa. We’ll explore the MFS Africa story across the following 5 areas:

  1. African payments context
  2. MFS Africa’s early history
  3. Product & monetization strategy
  4. Competitive positioning & potential exit options
  5. Overall outlook.

This episode was recorded on Jan 29, 2023

Companies discussed: MFS Africa, Safaricom (M-Pesa), Opay, Flutterwave, Paystack, MTN, Airtel, Orange, Chipper Cash, Ecobank, Safaricom, Homesend, TransferTo, MasterCard & Visa

Business concepts discussed: Financial interoperability, mobile money (agency banking), banking regulation, acquisition strategy, payment processing, payment gateways & closed-loop payment networks

Conversation highlights:

  • (09:50) - Africa payments context and background
  • (20:26) - MFS Africa founding and early history
  • (22:06) - Founder background
  • (31:40) - Fundraising and early growth
  • (38:44) - Partnerships and M&A
  • (1:02:15) - Product Strategy
  • (1:06:30) - Monetization Strategy
  • (1:13:59) - Competition and Options for Exit
  • (1:28:51) - Olumide’s overall thoughts and outlook
  • (1:34:00) - Bankole’s overall thoughts and outlook
  • (1:47:00) - Recommendations and small wins

Olumide’s recommendations & small wins:

  • Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com
  • Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com
  • Recommendation: Be Happy 35 Powerful Methods for Personal Growth & Well-Being. Talks about practices for a positive mental health. Fun short read that you can refer to time and time again
  • Small win: Birthday celebrations with friends in Miami, NYC & SF. It was epic!

Bankole’s recommendations & small wins:

Listeners: We’d love to hear from you. Email info@afrobility.com with feedback!

Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com

Investors: It would be great to link up with you. Contact us at info@afrobility.com

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63 episodes