IMAP’s team based in South Africa (Verdant Capital) advised Baxi, a leading super-agent in Nigeria, on its sale to MFS Africa, which operates one of Africa’s largest digital payment platforms. Baxi is one of Nigeria’s largest independent SME-focused electronic payment networks MFS Africa is acquiring Baxi to expand its network into Nigeria, Africa’s largest economy and perhaps its most dynamic fintech market.

Nigeria is also the largest remittance market in Africa, representing one-third of intra-Africa remittance flows, and is home to the largest number of SMEs. The two companies are highly complimentary: Baxi simplifies and integrates online and offline payments for SMEs and merchants in Nigeria through its omni-channel distribution network; MFS Africa simplifies cross-border payments, integrating payments via one hub. The transaction further extends Verdant Capital’s track-record of advising on transactions shaping the fintech sector in Africa. The transaction is subject to the approval of the Central Bank of Nigeria.

Founded in 2014, Baxi is one of Nigeria’s largest independent SME-focused electronic payment networks. Through its network of more than 90,000 agents, Baxi processed over $1 billion in transactions in the first nine months of 2021. Following the closure of the transaction, MFS Africa plans to build Baxi into a key node on its digital payment network, allowing customers to make regional and global payments to and from Nigeria.

The IMAP team in South Africa (Verdant Capital), led by Ed Higenbottam and Edwin Siebani advised Capricorn Digital Limited (trading as Baxi) throughout the sale process.