Kenya’s payments service provider DPO Group is set to be acquired by Network International (NI) company in a merger deal valued at Sh31 billion.
Dubai-based digital commerce giant, NI, will seek to capitalise on DPO’s extensive network of African merchants dotted across the continent.
The company, which has over the years been looking to expand its merchant and mobile network operations in Africa, believes the planned acquisition will fast-track its mission.
“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,.” said NI Chief Executive Simon Haslam.
“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.”
DPO Group, which has its headquarters in Nairobi, was founded in 2006 and has since grown to be the leading payment service provider in the region.
The group boasts having offices in 19 African countries with more than 45,000 business merchants that transact actively through their only e-commerce service across the region.
The acquisition will see the company continue to operate under the DPO brand, with its employees assured of their jobs.
The group’s shareholders will, on the other hand, join NI as key stakeholders.
DPO termed the acquisition of a major milestone in providing its customers with opportunities to enter the Middle Eastern market.
“This deal represents a significant milestone for the pan-African payments landscape and the customers and businesses we serve. 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 globally,” said Chief Executive Eran Feinstein.