Financial technology firm Emergent Technology Holdings has acquired Ghana-based payments processor Interpay Africa for an undisclosed sum.
Interpay Africa is a payment processor, which provides digital financial services across emerging markets.
The company is mainly focusing on three areas of new digital economy, including e-commerce, financial inclusion and interoperability.
Interpay Africa enables to link African merchants to local and international payments capabilities across mobile money, traditional payment and local bank platforms. The company has operations in Ghana, Benin and Pakistan.
The acquired business will help expand the operations of Emergent Technology’s digital payments business, Emergent Payments, which is a local payments provider in 70 emerging markets.
Emergent Technology managing director Tim Davis said: “This investment demonstrates EmTech’s total commitment to Africa and our unwavering belief in the region’s potential. African markets are highly complex and require a meticulous approach.
“We are accelerating our African expansion with technical solutions already integrated with local participants and an on-the-ground team with a deep understanding of the consumer culture and regulatory environment.”
Emergent Technology is planning to introduce its G-Coin digital tokens in the African market in the next year.
G-Coin tokens, which are digital certificates of title to responsibly sourced physical gold, are said to be a viable alternative to volatile local currencies.
The acquired business will be renamed Emergent Payments Ghana, and will conduct do business as Emergent Payments Africa.
Interpay Africa CEO Saqib Nazir said: “Africa presents incredible e-commerce growth opportunities. The young population of over a billion people is rapidly embracing technology innovation and is increasingly demanding goods and services, both local and foreign.”
Based in Santa Clara of California, Emergent Technology Holdings is the owner and operator of Emergent Payments, Responsible Gold and G-Coin.
The company is engaged in connecting large-scale digital merchants to local payment methods in over 70 emerging markets across Asia Pacific, Latin America, Africa and the Middle East.
In addition, the firm offers blockchain-based solutions to track responsibly sourced gold from mine to refinery and vault, and digitize that gold into secure G-Coin tokens.