CAIRO: Emerging Markets Payments Holdings (EMPH), a leading third-party payments processor and merchant acquirer in Africa and the Middle East, has announced the 100 percent acquisition of ACET Processing.
EMPH, backed by private equity firm Actis, currently processes debit, credit and prepaid card transactions including Visa, MasterCard, American Express, Diners International, and China UnionPay for more than 125 banks in 40 countries across Africa and the Middle East.
With this acquisition, EMPH enters the South African market, and creates the potential of an integrated solution for both banking and retail clients across the continent
ACET processes for leading consumer finance companies such as RCS, and major retailers like the JD Group. Every month it processes millions of card and loan accounts, supports transactions from over 15,000 retail outlets, and manages billions of Rands of receivables for clients across the region.
With ACET joining the group, EMPH will be able to extend support to other financial products including store cards and personal loans.
Across the industry, retailers are striving to rapidly respond to opportunities and changes in order to improve their offering to consumers who have increasingly demanding expectations.
Sophisticated retailers realize their energy and attention is best spent on the core operations of the retail business, leaving card processing to companies focused on those services. Outsourcing also secures for retailers cost-effective access to world-class technology enabling them to offer a better, higher value service to consumers.
Speaking on the transaction, Paul Edwards, EMPH’s chairman said, “It gives me great pleasure to welcome Mike Crawley, ACET Chief Executive and his highly skilled colleagues to the team. This acquisition means EMPH is now well placed to serve clients in the retail space, and in South Africa.
“The breadth of service we can offer will be especially valuable for South African companies wanting to expand their businesses elsewhere in Africa, as they can now do so with the full support of EMPH.”
Mike Crawley, CEO and founder of ACET, who joins the EMPH group management board said, “EMPH is already held in high esteem in the African and Middle Eastern banking sector so we are delighted that they have chosen ACET to be their springboard into Southern Africa and the retail and consumer finance sectors.”