Thursday
March 18
2021

South Africa’s Largest Independent Payment Provider Adumo Raises $15 Million From IFC

By Vallency Otieno

Adumo, South Africa’s largest independent payment provider has raised US$15 million in preferred shares from IFC to fund the growth of the company.

IFC’s investments will support Adumo to make digital payment systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions.

Adumo, South Africa’s largest independent payment provider with a presence in 13 African countries, owns merchant acquirers Sureswipe and Ikhokha and payment processor Innervation Pan African Payments.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: Founder360 (link opens in a new window)

Categories
Finance
Tags
digital banking, digital payments, financial inclusion, financial services, small business, technology