US-based fintech firm Emergent Technology (EmTech) has acquired Ghana-based payments processor Interpay. Financial terms of the deal were not revealed.
With the deal, EmTech extends the operations of its digital payments arm Emergent Payments.
Emergent Payments allows merchants to access local payment services in emerging markets of Asia Pacific, Latin America, Africa and the Middle East using a single API integration.
Interpay has now been rebranded as Emergent Payments Ghana. The business will trade as Emergent Payments Africa.
Apart from Ghana, Interpay also has branches in Benin and Pakistan. The firm has a headcount of more than 40.
Interpay CEO Saqib Nazir said: “Africa presents incredible e-commerce 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.
“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.”
The acquisition forms part of EmTech’s Africa 20-20-20 strategy. Under this strategy, the firm aims to expand its services into 20 countries of Africa by 2020.
EmTech managing director for EMEA Tim Davis said: “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.
“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.”
Additionally, EmTech announced plans to introduce its G-Coin digital tokens in Africa next year. The tokens are digital certificates of title to physical gold that is sourced responsibly.