Emergent Technology, the financial technology company, announced Thursday (Dec. 13) that it has bought Interpay, a Ghana-based payments processor. Terms of the deal were not disclosed.
In a press release, Emergent Technology said that by acquiring Interpay, it will extend the operations of its digital payments business, Emergent Payments, into 70 emerging markets. Interpay has offices in Ghana, Benin and Pakistan, providing digital payment capabilities in Africa. The company has more than 40 employees in offices in Ghana, Benin and Pakistan.
“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,” said Tim Davis, EmTech’s managing director, EMEA, in the press release. “We are accelerating our African expansion with technical solutions already integrated with local participants and an on-the-ground team with a deep understanding of the consumer culture and regulatory environment.”
Emergent Payments is already a major payments facilitator for digital merchants and has been expanding into emerging markets. With a single API integration, merchants can access local payment services across Asia Pacific, Latin America, Africa and the Middle East through the company. The Interpay buy signals the launch of the company’s Africa 20-20-20 strategy, in which it expands into 20 African countries by 2020. It plans to launch its G-Coin digital token in the African market next year. The tokens are digital certificates of title to gold that was responsibly sourced and, according to the company, serve as an alternative to local currencies that can be volatile.
“Africa presents incredible eCommerce growth opportunities. The young population of over a billion people is rapidly embracing technology innovation and is increasingly demanding goods and services, both local and foreign,” said Saqib Nazir, Interpay Africa’s CEO. “The payments landscape is developing fast. We are excited to be part of EmTech’s vision to further advance local payment services across the region and to provide the best regulatory, tax and FX solutions to global merchants.”