MFS Africa Aims to Double Annual Flows to $12bn by 2023
MFS Africa, a leading digital payment company, has set ambitious targets for the coming years. It plans to double its annual flows and revenue run rate to $12bn and $100-120m respectively by the end of 2023. The company also aims to increase the number of connected mobile money wallets to 500 million by 2025, expanding its services to 35 African countries.
MFS Africa offers a wide range of services, including ecommerce, virtual cards, global remittances, intra-Africa money transfers, and bulk collections and disbursements. The company expects to maintain its take rate above 1% across all regions and businesses. Since its founding in 2009, MFS Africa has grown significantly, handling $6bn in annual flows and a revenue run rate of around $50-60m. Its ambition is to organically double the size of its business on a year-to-year basis.
MFS Africa's expansion plans include increasing the number of connected mobile money wallets by 100 million and reaching 35 African countries by 2025. The company's success is built on maintaining a high take rate and offering a diverse range of digital payment services. If successful, MFS Africa will significantly increase its annual flows and revenue run rate by the end of 2023.
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