Kenya-based Direct Pay Online (DPO) Group has announced the acquisition of Setcom, an operator of instant electronic funds transfer (EFT) solution in South Africa.
DPO said the deal will complement its suite of payment solutions across the continent, which currently include processing for all major cards, mobile money and e-wallets.
“We are excited to add South Africa’s leading Instant EFT solution to our suite of products. Setcom has been a pioneer in the payments industry for many years, and we have no doubt that they will continue to bring new and innovative solutions to our customers and merchants across Africa,” said DPO group chairman Offer Gat in a statement.
Setcom is the sixth southern African payments company acquired by DPO in recent years as the firm set sights on more e-commerce business owners who can accept additional payment options.
DPO Group CEO Eran Feinstein said Setcom had achieved impressive results in the South African payments space.
DPO has ambitious plans for expansion into the African market.
The firm is a registered payments facilitator, third party agent and a payment gateway.
The company said mid-November it will double its footprint to 24 countries by the end of 2018, partly fuelled by about Sh1.5 billion it received from the UK-based Apis Partners in two investment rounds over the last two years.