Mozido Expands Into Africa With NettCash Acquisition

Wednesday, July 22, 2015

The Austin-based cloud platform mobile payments and retail engagement solutions provider announced today (July 21) that it acquired majority ownership of Zimbabwe mobile wallet company NettCash, further establishing Mozido’s foothold in Africa.

The NettCash mobile money platform enables any existing phone to be used as a payment tool, no matter the handset or operator. Mozido will integrate NettCash’s prepaid electricity solution into its Mobile Transaction Platform services, which will include mobile bill pay, stored value account and person-to-person payment services, as well as launching and expanding the first Zimbabwean mobile wallet to include prepaid utility services.

“Mozido’s global strategy is to identify opportunities where mobile financial services, that are designed to be inclusive and easily accessible, can solve important problems for the region — no matter the user’s banking status or physical location,” Mozido Founder Michael Liberty said in a company release.

“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,” Liberty added.

In just four months since its initial launch, the Mozido NettCash service has reached more than 250,000 consumers with plans to expand significantly within the region, the company confirmed.

The NettCash offering is the first of many solutions Mozido will offer to consumers throughout Zimbabwe and the African continent.

Source: PYMNTS.com (link opens in a new window)

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digital payments, mobile money