TechInAfrica – The African Payment Service Provider (PSP), DPO Group, announced the acquisition of PayFast, the South Africa payment processor last week. The acquisition’s deal was done at DPO Group’s headquarters in Nairobi. In line with the deal, DPO Group will provide services to 18 African markets.
PayFast had the largest range of shopping cart integration on the continent. The integration of PayFast into DPO Group will add up the payment options to DPO’s customers while at the same time serving PayFast’s existing customers.
Speaking on the acquisition of PayFast, the Chairman and Co-founder of DPO Group Offer Gat said: “PayFast is a natural fit for DPO Group and this deal strategically follows our acquisitions of PayGate, VCS, Paythru, and SiD since 2016.”
He continued, “This deal, which we believe is the largest acquisition by a PSP in Africa, reinforces our position as a leading PSP on the continent and is an important step forward in our strategic growth across Africa. The combination of DPO Group and PayFast will greatly increase the ability of merchants on our platform to do business with their clients both within and outside of Africa. Finally, it will allow DPO to continue to improve merchant services, allowing more merchants to transact more broadly at a lower cost.”
“PayFast’s deep experience of payment processing and facilitation in South Africa complements and expands the services we can offer our business customers via the most diversified and robust suite of online payments options available in Africa. The integration of PayFast and the wealth of e-commerce platforms it already works with is an extremely attractive addition to the Group. It’s about adding value for our merchants, providing more choice and freedom for businesses to pay and be paid throughout Africa,” added Eran Fein stein, the CEO and Co-founder of DPO Group added.
PayFast was founded in 2007 and had used a facilitator model to process payments and provided a simple way for businesses to receive payments efficiently and securely. Over the years, PayFast had formed the largest network of shopping carts in Africa. This, in fact, will put DPO in the advantage as it can carry out transactions across 18 African markets through a single platform.
Commenting on the integration of PayFast into DPO’s services, Jonathan Smit, Managing Director and Co-founder of PayFast said: “Integrating our processing and facilitation capability with the range of online payment services offered by DPO and its huge geographical reach across 18 countries in Africa is an extremely exciting opportunity for both companies. The coming together of two leading online payment specialists will have a positive impact on the African payments landscape and create better future career opportunities for our current and future talent. I am excited to be working with the DPO team in growing the business further in the years ahead.”