Nairobi-based Payment Service Provider (PSP), DPO (Direct Pay Online) Group, is set for acquisition by Network International for US$ 288 million.
Network International, which has its headquarters in Dubai, is a group of companies that describes itself as a “leading enabler of digital commerce across the Middle East and Africa (MEA) region.” The firm is listed on the London Stock Exchange.
Network International is planning to leverage DPO Group’s operations in the online, mobile and alternative payments space. DPO currently has a network of 47,000 plus active merchants across 19 countries in Africa. The acquisition will also the growth of Network International’s merchant and mobile network operator relationships.
DPO Group CEO Eran Feinstein said, “Combining the two companies will allow us to broaden our offering for new and existing customers, significantly improving capacity for Africa’s merchants to do business not only across the continent but in the Middle East as well as globally.” He expressed that the deal is a significant milestone for both businesses and their customers.
The acquisition will be DPO Group’s first step into the Middle East Market. It will continue its operations under its existing brand, maintaining all current employees. DPO’s executives and shareholders will become key stakeholders in Network International.
The deal will see Network International speed up its strategic framework and future growth, combining both acquiring and issuing sides to its payment solutions.
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Network International’s CEO, Simon Haslam, said, “We are excited by this acquisition which will strengthen our strategic framework by combining both of our businesses’ activities across the African market. This deal will also enhance our offering in the payments value chain by the presence on both sides of the transaction, acquiring and issuing, and accelerate our future growth. Together, we have a powerful combination to accelerate digital payments across our regions and offer a one-stop-shop solution for merchants, with multiple payment acceptance methods.”
Managing Partner and Apis Co-Founder, Udayan Goyal, who is also an investor in DPO, said, “Africa represents one of the fastest growing and most under-penetrated markets for online payments in the world. Our investment in DPO Group was recognition of this fact and the company’s subsequent rapid growth and ultimate acquisition by Network International speaks to the enormous opportunity within payments across Africa.
He added: “We believe the combination of DPO Group with Network International will create tremendous value for both businesses as they continue to deliver world-class solutions across African markets.”
DPO Group itself has a number of acquisitions under its belt. Most recently, in 2019, it acquired South African payments processing service provider, PayFast.