M&A Africa: US-Based Modizo Buys Zimbabwean Nettcash

Written by Staff

From PYMNTS.com.

Modizo, an Austin, Texas-based cloud platform mobile payments and retail engagement solutions provider said today it acquired majority ownership of Zimbabwe mobile wallet company NettCash, further establishing Mozido’s foothold in Africa.

The NettCash mobile money platform enables any existing phone to be used as a payment tool, no matter the handset or operator. Mozido will integrate NettCash’s prepaid electricity solution into its Mobile Transaction Platform services, which will include mobile bill pay, stored value account and person-to-person payment services, as well as launching and expanding the first Zimbabwean mobile wallet to include prepaid utility services.

“Mozido’s global strategy is to identify opportunities where mobile financial services, that are designed to be inclusive and easily accessible, can solve important problems for the region — no matter the user’s banking status or physical location,” said Mozido Founder Michael Liberty in a company release.

“We saw an opportunity to fulfill an important need in Zimbabwe, and Mozido’s NettCash mobile prepaid utility service has made it possible for hundreds of thousands of families to simply top up their electricity meters whenever they need, instantly from their mobile phones,” Liberty added.

In four months since its initial launch, the Mozido NettCash service has reached more than 250,000 consumers with plans to expand significantly within the region, the company said.

The NettCash offering is the first of many solutions Mozido said it will offer to consumers throughout Zimbabwe and the African continent.

This year has been a big one for Mozido acquisitions and investments, with NettCash standing as the latest company to be brought under the Mozido umbrella in recent months.

In February the company picked up Delaware, U.S.-based technology and payments company PayEase, just months after snagging majority ownership of CorFire, best known as the mobile commerce engine behind the Dunkin’ Donuts mobile application.

The acquisition of PayEase positioned Mozido to introduce its products and solutions to China.

Read more at PYMNTS.com.