MFS Africa Aims to Double Flows and Run Rate by End of 2023
MFS Africa, a leading digital network provider, has ambitious plans for expansion. The company, founded and led by CEO Dare Okoudjou since 2009, aims to double its flows and run rate by the end of 2023. Currently handling $6bn in annual flows and a revenue run rate of around $50-60m, MFS Africa is poised for significant growth.
Okoudjou has transformed MFS Africa from a simple mobile money transfer platform into a comprehensive digital network. It now offers a wide range of services, including ecommerce, virtual cards, global remittances, intra-Africa money transfers, and bulk collections and disbursements. The company's take rate averages above 1% and is expected to remain steady.
MFS Africa's growth strategy is twofold. Firstly, it aims to double the size of the business organically on a year-to-year basis. Secondly, it plans to increase its connected mobile money wallets from 400 million to 500 million by 2025.
With a strong leadership under Dare Okoudjou and a robust business model, MFS Africa is set to expand its digital network. By the end of 2023, the company expects to double its flows and run rate, further cementing its position as a major player in the digital financial services sector.
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