This case study explores the growth trajectory and strategic dilemmas of MFS Africa, a pioneering fintech company founded in 2009 to facilitate cross-border mobile money transfers across Africa. Initially experimenting with multiple business models, it ultimately pivoted toward interoperability solutions, linking fragmented mobile money networks and enabling seamless transfers across operators and countries. By 2019, MFS Africa had connected over 200 million users and secured significant funding, positioning itself as a leading digital payments hub on the continent. However, it faced intensifying competition from telecom operators, global tech giants, banks, and fintech start-ups, alongside the threat of disintermediation and technological commoditization. The case highlights the strategic crossroads confronting MFS Africa: whether to expand further as a B2B interoperability provider or re-enter the consumer-facing space, weighing opportunities for innovation against regulatory risks and the memory of past failures. The case invites discussion on entrepreneurship, growth strategy, platform economics, competitive positioning, and innovation in emerging markets.
Scaling and business model evolution; strategic positioning and commoditization; platform economics
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- SDG9 Industry, Innovation and Infrastructure
