Financial Software and Systems (FSS) has purchased a 46% stake in Ecentric Payment Systems, the South African payment processing arm of Standard Bank.

Indian firm FSS did not reveal how much it paid for the transaction.

The deal involved primary and secondary investments, with FSS having the provision to further raise its interest later.

FSS managing director Nagaraj Mylandla said: “The partnership will help us leverage mutual synergies to strengthen our presence in Africa’s largest markets and drive increased growth for FSS payment acquiring and other solutions.”

Ecentric provides a range of services such as card processing, remittances, issuing, cash management as well as reconciliation.

The payment processor services various markets across Africa including 12 sub-Saharan countries.

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By GlobalData

The firm’s counts more than 50 tier-1 banks and retailers as clients.

Under the agreement, Ecentric will incorporate the POS driving and in-store payment acceptance solution of FSS called FSS PoSability.

Ecentric CEO Hassen Sheik was quoted as saying by IBS intelligence: “The financial and strategic backing from FSS, will help Ecentric accelerate product innovation and grow the business in its home market as well as expand to more countries.

“This backing brings us a step closer to achieving our goal of creating a ubiquitous and universal digital payment acceptance market in the continent.”