IFC buys into Net 1 UEPS to strengthen financial inclusion in Africa
The institution is looking for alternative ways to provide financial services to the unbanked.The International Finance Corporation (IFC) has agreed to buy 18 per cent of Net 1 UEPS to use its technological solution to bring financial services to emerging markets in Africa and beyond.
"We are completely aligned with IFC through our shared vision of providing financial inclusion to the billions of unbanked and under-banked citizens of the world," said the chief executive of Net 1, Serge Belamant, in a press release.
IFC has been investing in disruptive technologies around the world to help expand access to financial services.
It said that Net 1 provides innovative payment solutions and transaction processing services, adding that its products are card and mobile based and are interoperable with global credit card payment systems.
"Net 1 has created impressive propriety technology for the delivery of services and demonstrated its effectiveness in South Africa. IFC will help Net 1 expand regionally, especially into African countries where there is limited banking infrastructure and availability of financial services for the poorest segments of the population," said Atul Mehta, IFC director of telecoms, media and technology.