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MFS Africa

Founded Year



Debt - II | Alive

Total Raised


Last Raised

$100M | 1 yr ago

About MFS Africa

MFS Africa develops value-added services for mobile wallets. MFS Africa provides accessible, affordable, inclusive alternatives for remittance/money transfers, micro-lending, micro-insurance, micro-savings, and payments. It serves companies operating in the financial sector as well as individuals. It was founded in 2009 and is based in Sandton, South Africa.

Headquarters Location

3rd Floor, The Place 1 Sandton Drive

Sandton, 2196,

South Africa

Missing: MFS Africa's Product Demo & Case Studies

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ESPs containing MFS Africa

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

Financial Services / Payments Tech

The cross-border pay & money transfer tech market offers solutions to send and receive payments domestically and internationally, while optimizing cash flow and reducing costs. These solutions are designed to address pain points such as lack of transparency, high transaction costs, payment delays, and regulatory complexities. The market includes platforms that provide access to global banking netw…

MFS Africa named as Challenger among 15 other companies, including Ripple, Western Union, and ZEPZ.

Missing: MFS Africa's Product & Differentiators

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Research containing MFS Africa

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned MFS Africa in 4 CB Insights research briefs, most recently on Jan 23, 2023.

Expert Collections containing MFS Africa

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

MFS Africa is included in 6 Expert Collections, including Digital Lending.


Digital Lending

1,885 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.



2,673 items

Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.



3,858 items



3,931 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience


Fintech 250

249 items

CB Insights' annual list of the 250 most promising private fintech companies in the world. FTX was removed after declaring bankruptcy on 11/11/2022.



217 items

MFS Africa Patents

MFS Africa has filed 5 patents.

patents chart

Application Date

Grant Date


Related Topics




Windows Server System, Wireless networking, Elevators, Database management systems, Identity documents


Application Date


Grant Date



Related Topics

Windows Server System, Wireless networking, Elevators, Database management systems, Identity documents



Latest MFS Africa News

MFS Africa gets Egypt’s top fintech award.

May 28, 2023

13 Views Share MFS Africa , a well-known pan-African fintech company, won the prestigious African Banker Awards in Sharm El Sheikh, Egypt. It was named Fintech of the Year. This award shows that the company is committed to changing the way millions of Africans handle their money by giving innovative payment solutions that work across borders. The Fintech of the Year award also shows that MFS Africa is committed to changing the financial sector in Africa. It does this through its extensive network, which links mobile money providers, banks, fintech companies, money transfer operators, and businesses. This connected network makes it easy for people and companies to make deals that work well with each other. The award solidifies MFS Africa’s place as a leader in Fintech. It shows how committed it is to driving meaningful financial inclusion across the continent, according to the people who put on the awards. Dare Okoudjou, founder and chief executive officer of MFS Africa, said, “We are truly honored to win the Fintech of the Year award. This vital award shows how complex and dedicated the MFS Africa team has worked. We are committed to building a payments infrastructure that will last a hundred years and change how Africans do business with each other and the rest of the world. I want to thank the African Banker Awards on behalf of the team for recognizing what we’ve done for the African banking sector. The African Banker Awards are given out every year at the meetings of the African Development Bank to recognize stars in the African financial services sector who have made a big difference. At this year’s awards event, MFS Africa’s great work was recognized, and the company’s role in improving financial inclusion and connectivity across the continent was brought to light. MFS Africa is sure that access is the key to breaking down barriers and making things fair in Africa, making countries irrelevant. The company connects mobile money operators, businesses, banks, non-bank financial institutions, money transfer operators, and online and offline vendors to over 400 million mobile money wallets in over 35 African countries. Through its extensive network, MFS Africa works with partners worldwide to make borders less critical by making sending and receiving money within and across countries easy. Watch their movie manifesto to learn more about what they want to do. With the Fintech of the Year award in its hands, MFS Africa is still at the forefront of making significant changes in the African fintech industry. The company’s innovative payment solutions and dedication to financial inclusion make it a driver of progress in the region, allowing Africans to engage more fully in the global economy and go beyond the limits of traditional economic systems.

MFS Africa Frequently Asked Questions (FAQ)

  • When was MFS Africa founded?

    MFS Africa was founded in 2009.

  • Where is MFS Africa's headquarters?

    MFS Africa's headquarters is located at 3rd Floor, The Place, Sandton.

  • What is MFS Africa's latest funding round?

    MFS Africa's latest funding round is Debt - II.

  • How much did MFS Africa raise?

    MFS Africa raised a total of $217.7M.

  • Who are the investors of MFS Africa?

    Investors of MFS Africa include CommerzVentures, AfricInvest, Vitruvian Partners, Admaius Capital Partners, AXA Investment Managers and 13 more.

  • Who are MFS Africa's competitors?

    Competitors of MFS Africa include JUMO Marketplace and 1 more.

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Migo delivers a cloud-based platform enabling companies to offer credit to customers, augmenting traditional bank and payment card infrastructure. The platform provides a digital account and credit line and uses this credit line to make purchases from a merchant or withdraw cash without the need for point-of-sale hardware or plastic cards. It was formerly known as The company was founded in 2014 and is based in San Francisco, California.

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Pngme operates as a unified financial data application programming interface (API) for financial institutions and developers in Sub-Saharan Africa. It provides digital data pipelines, scalable architecture, and a suite of developer tools that enable financial institutions and developers to access and develop financial products that reach more individuals and businesses. It was founded in 2018 and is based in San Francisco, California.

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