US-based mobile payments firm Mozido has acquired a majority stake in Zimbabwean mobile wallet company NettCash
NettCash is a platform for companies and mobile phone users to provide and access various services such as bill payments, salary and pension disbursement, airtime top-up, e-commerce, voucher distribution and ticketing.
Its platform enables any phone to be used as a tool for making payments, irrespective of the handset or the mobile operator.
Mozido founder Michael Liberty said in a statement that the acquisition was meant to establish the firm’s foothold in Africa.
“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 Liberty.
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.
“We saw an opportunity to fulfil 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,” explained Liberty.
With a customer base of more than 250,000, Mozido is looking to expand NettCash to other African countries as well as its range of services.
Mozido, however, did not disclose its shareholding in NettCash or the value of the deal.
