US-based Emergent Technology (EmTech) has expanded its operations in the African payments market with the acquisition of Interpay Africa.
Interpay Africa connects African merchants to local and international payments capabilities across mobile money, traditional payment, as well as local bank platforms.
Financial details were not disclosed about the purchase, which expands EmTech‘s operation into 70 emerging markets.
Commenting on the purchase, Tim Davis, Managing Director of EmTech said “this investment demonstrates EmTech’s total commitment to Africa and our unwavering belief in the region’s potential. African markets are highly complex and require a meticulous approach.”
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“A large part of Africa’s population is at the bottom of the pyramid, and if Africa is to realise its potential, then this segment has to be financially included. Mobile phones and mobile money have made this group more visible, but more effort is needed.” – Saqib Nazir, CEO, Interpay Africa
EmTech says it offers a single API integration, and merchants get access to local payment services in emerging market countries throughout Asia Pacific, Latin America, Africa and the Middle East.
The acquisition marks the launch of EmTech’s “Africa 20-20-20” strategy; a plan to expand its services into 20 African countries by 2020.
Also, EmTech’s G-Coin digital tokens will be lunched into the African market in 2019. G-Coin tokens are digital certificates of title to “responsibly sourced” physical gold and are a “viable alternative to volatile local currencies”.
Interpay Limited has been renamed Emergent Payments Ghana Limited and will do business as Emergent Payments Africa.