Interswitch
Transnational Holding, the leading pan-African integrated payments company, has
reached a partnership agreement with Paynet Group, East Africa’s leading
multi-institutional payments provider, to combine their businesses.
Interswitch
says it will acquire a majority shareholding in Paynet Group and Paynet’s
existing shareholders will become shareholders of the Interswitch Group.
Both
companies emphasise that the deal will enable both to take advantage of
fast-growing East- West Africa trade and continue to provide their customers,
both businesses and government, with a trusted partner.
According
to Interswitch, the new company will create an unrivalled payment
infrastructure across East and West Africa, uniting financial institutions on a
single network, integrating transaction solutions seamlessly into businesses,
and creating a secure and convenient way to make cross-border transactions.
The
new combined network will
