The Direct Pay Online Group (DPO Group), a Kenya-based online payments service provider, has agreed to acquire 100% of the equity in Virtual Card Service (VCS) in Botswana and Namibia.
DPO Group in its press statement said it intends to soon acquire VCS’ entire business in South Africa as well.
The deal follows DPO Group’s recent acquisition of South African online payments gateway PayGate.
Established in South Africa in 1996, VCS expanded into Botswana and Namibia in 2008 and 2010 respectively.
Commenting on the deal, DPO Group chairman Offer Gat said: “The VCS teams have built a leading market position in the Botswanan and Namibian payments landscapes by offering a distinguished suite of services to all organisations requiring automated, high volume and secure card payment processing. We look forward to working together to continue the Group’s growth story and expanding further within Africa.”
VCS CEO and major shareholder Gordon Ashby said: “I am excited to be part of the DPO Group. We were drawn to the Group’s experience in the online payments processing arena and its deep understanding of Africa. As a management team, we believe that the firm’s knowledge of what it takes to be successful in our markets and its proven track-record of having built the business over 20 years is a great fit for our growth strategy in the future.”
DPO Group CEO Eran Feinstein said: “VCS Namibia and Botswana will complement the DPO Group in various areas including technology, expansion of the client base and growth in this geographical area. Our aim is to accelerate the intensification of payments in Africa, as we seek to empower every person and organization to have the option to pay and be paid online anywhere, anytime, and by any mode of payment.”