Emergent Technology acquires Interpay Africa
US-based Emergent Technology (EmTech) is eyeing up another emerging payments market with the acquisition of Interpay Africa.
Financial details were not disclosed
Financial details were not disclosed, but EmTech says the purchase of the Ghana-based processor means it is now operating in 70 emerging markets.
“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,” says Tim Davis, EmTech’s managing director, EMEA.
Saqib Nazir, Interpay Africa’s CEO, adds: “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.”
Interpay Africa connects African merchants to local and international payments capabilities across mobile money, traditional payment and local bank platforms. The company has over 40 employees in offices in Ghana, Benin and Pakistan. There are no details on what happens to them.
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 Interpay Africa acquisition marks the launch of its “Africa 20-20-20” strategy, its plan to expand its services into 20 African countries by 2020.
EmTech will also launch its G-Coin digital tokens 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.
