South African Business Connexion (BCX) has acquired a 30 per cent stake in Nigerian financial IT solutions provider AppZone, in a bid to dominate the African online payments market.
The deal, which comes as BCX itself is set to be acquired in full by part-state owned operator Telkom for ZAR2.6 billion (US$260 million), is the latest acquisition for BCX, which in March purchased Nigerian imaging solutions company Panabiz and Botswanan point-of-sales (PoS) provider Ultimate Solutions.
The purchase price of the AppZone stake was not revealed, with BCX saying only the strategic deal was intended to allow the companies to jointly leverage their expertise in the financial services environment.
“BCX is pleased to be associated with AppZone. They have a remarkable asset-base of e-payment software products and intellectual property, and we’re looking to jointly seize the financial services opportunities within Nigeria and ultimately across Africa,” said Matthew Blewett, BCX chief operating officer (COO).
Headquartered in Lagos with 51 employees, AppZone provides financial institutions with ICT platforms which enable remote access to financial services for consumers and allow for mobile and online financial transactions, while also implementing internal solutions for financial institutions and businesses.
“AppZone responded to the growing need in emerging markets for financial services accessibility to the masses. The company was formed with a genuine belief in Africa’s latent ability to support the home-grown production and delivery of world-class IT software for the enhancement of key sectors of the budding economy,” said Emeka Emetarom, AppZone COO.
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