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FT Partners Advises Onafriq (formerly MFS Africa) on its Acquisition of Global Technology Partners

Overview of Transaction

  • On June 7, 2022, Onafriq (formerly MFS Africa) – Africa’s largest digital payments network – announced that it has reached an agreement to acquire Global Technology Partners (GTP)
  • Based in Tulsa, Oklahoma, GTP is the number one processor for prepaid cards in Africa with over 80 banks using its platform; GTP’s client base covers 34 countries and is fully connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it provides the processing
  • This acquisition enables Onafriq to further deepen its offering to Africa’s gig economy, the business travel market and the millions who eagerly want to participate in the global digital commerce through card credentials linked to mobile money wallets – rather than bank accounts – for seamless and secure online purchases; it also expands Onafriq’s bank and FinTech base and provides tokenisation for the mobile money world in connecting with the traditional card scheme ecosystems such as Visa and Mastercard

Significance of Transaction

  • GTP will enable Onafriq to extend its value proposition of last-mile connectivity to African banks, and to accelerate its offering of card connectivity to mobile money users and other FinTech companies operating across the continent; the combined operations and reach of both companies offer immense growth potential, and Onafriq is now truly an omnichannel payments company
  • Onafriq will leverage GTP's stack to fast-track card programs for mobile network operators and FinTech companies across Africa; Onafriq intends to leverage GTP's presence in the USA to expand its commercial activities in North America

FT Partners' Role

  • FT Partners served as financial advisor to Onafriq and its Board of Directors
  • FT Partners previously advised Onafriq on its $100 million financing in 2021 as well as its previous acquisitions of Beyonic and Baxi
  • This transaction underscores FT Partners’ unparalleled domain expertise in the Payments space and successful track record of executing deals in emerging markets