This archive report was first published on 30 July 2019.
July 30, 2019 - DPO Group, a Nairobi-based payments provider, has announced its acquisition of South Africa's PayFast, a move that will see the company provide services to over 100,000 merchants across 18 African markets.
PayFast, which has the broadest range of shopping cart integrations in Africa, will now be integrated into DPO's services, increasing the range of payment options available to DPO's business customers. This merger will also provide a Pan-African solution to PayFast's existing customer base, allowing them to do business not only across Africa but also worldwide.
“PayFast is a natural fit for DPO Group and this deal strategically follows our acquisitions of PayGate, VCS, Paythru and SiD since 2016,” said Offer Gat, Chairman and co-founder of DPO Group. “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.”
Eran Feinstein, CEO and co-founder of DPO Group, added that PayFast's deep experience of payment processing and facilitation in South Africa complements and expands the services they can offer their business customers. “The integration of PayFast and the wealth of e-commerce platforms it already works with, is an extremely attractive addition to the Group,” he said.
Jonathan Smit, Managing Director and co-founder of PayFast, expressed his excitement about the deal, saying: “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.”
