News Update - Telecoms and ICT in Africa - Issue No 1034 on 14 August 2020

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Beyonic-MFS Africa deal: Luke Kyohere on why it’s a good fit and the future of mobile money

14 August 2020

The recent purchase of Beyonic by MFS Africa has come at a time of other recent news about money transfer deals designed to provide continental reach. Russell Southwood talked to Luke Kyohere, Founder and Executive Chairman of Beyonic about what happens next. The deal to buy Beyonic came out of its Series A fundraising round:”We were in the middle of a fundraise, when we started to talk to MFS, who we had talked to in 2016. We were already profitable and in 7 countries. The Series A round was to help us expand into more countries and roll-out more products.”…