Africa banking group buys mobile money provider

14 December 2018

Money Transfer

Pan-African bank Banque Centrale Populaire (BCP) acquired a majority stake in Senegal-based mobile money provider Wizall, as it bids to increase its presence within the region’s mobile banking sector, Financial Afrik reported.

In an interview with the publication, the bank’s international development director Kamal Mokdad said Wizall’s mobile money transfer and payment systems would be combined with another of its financial services companies, ATPS, to drive its mobile banking operations in the region.

Wizall provides mobile payment and cash transfer to consumers in Senegal, with plans in place to expand the service to Ivory Coast, Mali and Burkina Faso.

Following the acquisition, BCP is said to be looking to expand mobile banking services to other member states in the West African Economic and Monetary Union, which include Benin, Guinea-Bissau and Niger.

The full terms and value of the transaction were undisclosed.

Source: Mobile World Live