More Equity Funding for Mobile Transactions Zambia
Omidyar Network and Accion International have invested USD3.2m in Mobile Transactions International, a Zambia-incorporated company that leverages mobile technology and an agent network to enable financial transactions across the Zambian economy. The USD4m investment round also includes USD500,000 in converted debt funding from Mennonite Economic Development Associates.
Mobile Transactions has also received previous equity funding from Frontier Investments and Sarona Asset Management. Omidyar Network is a philanthropic investment firm founded by eBay founder Pierre Omidyar and his wife Pam.
Mobile transactions and payment processing companies are a popular new target for PE investors in Africa, where governments, donors and the private sector in many countries are working to expand access to financial services through technology and ‘cash-lite’ mobile banking.