(Agence Ecofin) – Present in several countries in Africa, the payment management fintech Cross Switch is strengthening its presence in Morocco, through the acquisition of a considerable stake in the capital of its Moroccan counterpart Vantage Payment Systems.
Vantage Payment Systems, a Moroccan company specializing in the management of electronic means of payment, has opened up to 50% of its capital to a new investor, Cross Switch. The latter is actually a fintech engaged in the management of means of payment in emerging markets.
Cross Switch will have spent 10 million dirhams ($2.7 million) to join Moroccan Vantage, as part of a capital increase. He will join the Moroccan financial holding company Equity Invest, which also owns 50% of Vantage shares.
« The partnership with Cross Switch will enable Vantage Payment Systems to accelerate its development in Morocco and other African countries. Cross Switch brings us a great knowledge of the international fintech space, and provides us with very advanced technology said Ali Bettahi, Managing Director of Equity Invest.
In the past, Cross Switch has operated partnerships and takeovers which have enabled it to establish itself in Benin, Egypt, Ghana, Kenya, Nigeria, South Africa and Morocco.
Moroccan Vantage Payment Systems, which offers various multi-channel payment services to e-merchants and customers from different sectors, will work with its new shareholder to provide value-added solutions in the payment sector in Morocco. The company plans to improve its technology tools and customer-focused products to provide its customers with new, innovative services.
Chamberlain Moko