ICON Corporate Finance, one of England’s popular fintech investment banks, is a lead advisor for an acquisition involving two African entities, media reports said. In the acquisition, MSF Africa, a Pan-African cross-border payments leader, took over Beyonic, an African digital payments solution.
Alan Bristow, ICON chief executive, told the media, “The deal shines a spotlight on Africa’s vibrant fintech industry. With 66 percent of its population unbanked, and with the world’s youngest workforce, mobile money transactions in Africa are the highest in the world.”
ICON Corporate Finance sourced potential investors and acquirers for the deal.
The deal is expected to boost the development of Africa’s mobile money economy since many parts of the continent still lack access to payment apps. Furthermore, the asset and capabilities of both companies will pave the way for African businesses to establish their presence beyond the continent. Currently, 54 percent of the people in Africa use mobile money.
MSF Africa provides mobile wallet services to more than 200 million users making it the continent’s largest digital payments hub. Beyonic helps people to carry put domestic transactions including merchant services for SME and NGO clients.
Fintech is expected to contribute $150 billion to Africa’s GDP. The acquisition marks a big success for MSF Africa and ICON Corporate Finance because major global companies are scrambling for profits and revival.