Standard Bank acquires majority stake in Firepay
The company is behind mobile payment platform SnapScan.Standard Bank has acquired a majority stake in Firepay, the company behind SnapScan, which is the largest mobile payment platform in South Africa.
"We are excited about working more closely with the Firepay team and think that there is an excellent strategic fit between their capabilities and Standard Bank’s vision for a truly universal bank, both in South Africa and throughout the African continent," said Wendy Pienaar, the Head of Emerging Payments at Standard Bank, in a statement.
The bank operates in 20 sub-Saharan African countries, including Tanzania, Uganda, Nigeria, Mozambique, Côte d’Ivoire, and Malawi.
In 2014, it launched the SnapScan app in partnership with Firepay to allow
users to make payments from their mobile device by scanning a QR code. Today, it has 32,000 physical and online merchants.
Firepay said it will continue to develop and expand its offering to provide a range of product development and payments services.
"Our team is looking forward to building out our payments platform to solve the real-world payments problems we have always focused on, and to provide customers with the best experience possible", said Firepay's chief executive Kobus Ehlers.
This announcement comes a few months after mobile phone operator MTN Group and Vodacom both stopped offering their mobile money services in the country, citing lack of demand and South Africa’s advanced banking sector.