US’s Acquires a Majority Stake in Zimbabwe’s NettCash to Expand into Africa

Money Transfer

Mozido, a digital commerce and payment solutions firm with offices in the US, China, India, Africa, UAE, Germany, Mexico, Jamaica, and South Korea has expanded into Africa after acquiring a majority stake in Zimbabwe’s NettCash, a mobile wallet and prepaid utility service provider with close to 250,000 consumers.

Mozido, provides mobile payment, financial services, loyalty programs, and mobile offers such as mobile utility payments, airtime top up, national and international remittance, person-to-person payments, stored value accounts and merchant payments with a bank-grade security guarantee.

With the acquisition of NettCash majority stake,  Mozido opens itself a door as a player in the country’s payments sector taking over and rebranding NettCash’s pre-paid electricity and other bill payment customers as well as take over its person-to-person payments as well grounding its technology and experience in the operation.

Don’t be fooled thinking Mozido just wants Zimbabwe, the firm has a global strategy is to identify opportunities where mobile financial services are inclusive and easily accessible and will use that reach other markets too. The firm aims to move from just electricity payments to other service and utility providers, and add inbound money transfers and person-to-person payments like what M-Pesa did for Kenya.

The timelines have not laid out not the deal of the transaction.

In a statement, Michael Liberty, founder of Mozido. “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.”

Mozido will soon join Africa’s mobile money players enabling people to exchange money and offers with family, friends, and merchants anywhere in the world.
Source: Techmoran 22 July 2015