Kenya-based payment firm DPO Group has purchased payment processor PayFast to strengthen its presence in the South African market.

PayFast management team will continue to be key shareholders in DPO.

As a result of the cash-stock deal, DPO will be able to serve more than 100,000 merchants across 18 African markets.

The acquirer noted that the integration of PayFast will expand the payment channels available to its business customers.

According to DPO, PayFast’s Instant EFT service will make its online payments more secure.

Financial terms of the transaction were not disclosed.

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DPO chairman and co-founder Offer Gat said: “PayFast is a natural fit for DPO Group and this deal strategically follows our acquisitions of PayGate, VCS, Paythru and SiD since 2016.

“This deal, which we believe is the largest acquisition by a PSP in Africa, reinforces our position as a leading PSP on the continent and is an important step forward in our strategic growth across Africa.

“The combination of DPO Group and PayFast will greatly increase the ability of merchants on our platform to do business with their clients both within and outside of Africa.

“Finally, it will allow DPO to continue to improve merchant services, allowing more merchants to transact more broadly at lower cost.”

Established in 2007, PayFast leverages a facilitator model to process payments.

At present, PayFast is used by more than 55,000 merchants in South Africa.