(Ecofin Agency) - Kenya’s payment solution provider DPO Group makes a new step as part of its Africa expansion strategy. The company completed the acquisition of South Africa’s Payfast.
The terms of this deal, funded by private equity firm Apis Partners, are not revealed but observers suggest the operation cost hundreds of millions of rand (the South African currency). DPO explained the resources were provided in cash and shares. However, Payfast executives remain strategic shareholders within the company.
With this new deal, the Kenyan company is making its fifth acquisition in this field and plans to enter other countries in Africa, including Senegal, Morocco, Tunisia, Mozambique, Sudan and Angola.
The payment solution segment has been in high demand in recent weeks with high interest of investors for payment services companies on the continent.