MFS Africa, Africa’s largest digital payments network, today announced that it has reached an agreement to acquire Global Technology Partners (GTP), completing one of the rare acquisitions of an American technology company by an African company.
Based in Tulsa, Oklahoma, GTP is the leader in prepaid cards in Africa. Its platform is used by more than 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – across 34 countries. GTP is connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it processes prepaid cards.
This new acquisition will allow MFS Africa to strengthen its offerings to the African gig economy, the business travel market and the millions of people who want to take advantage of global e-commerce using a card linked to a mobile money wallet – rather than a bank account – for smooth and secure online shopping.
Founder and Managing Director of MFS Africa, Dare Okoudjou said: “This is an important step for us and the African technology ecosystem, on several levels. The acquisition of a US company of the size and nature of GTP by an African technology company is something of a first, and we are delighted to welcome the GTP team to the MFS Africa family.
“His expertise will allow us to extend our value proposition of last-mile connectivity to banks, and to develop our card offer for mobile money users and other fintechs present on the continent. The acquisition presents immense growth potential and, with our expanded portfolio, we are now truly an omnichannel payments company.”
For his part, Robert Merrick, Founder and Chairman of Global Technology Partners, underlined: “It is thanks to our unique and flexible platform ensuring the success of prepaid card programs that GTP has been able to become the number one prepaid card in Africa. We have established ourselves on the continent thanks to our staff, who are very familiar not only with the prepaid card industry but also with the realities faced by African card users.
“We match the right solution to the right markets with the right products. MFS Africa is ideal for GTP, and our goals are to add new features and functionality to our platform, expand our customer base, and expand into other countries.”
Following the acquisition of GTP, MFS Africa plans to further invest in GTP’s current card programs offered to banks and bring to them all the innovations and possibilities offered by the MFS Africa network – including interoperability, with mobile money.
The company will also leverage GTP’s platform to more quickly set up card programs for mobile network operators and fintechs in Africa. Finally, MFS Africa intends to take advantage of GTP’s presence in the United States to develop its commercial activities in North America.
