The merger is subject to approval from the Bank of Ghana. The merger, if and when approved, would create the largest private payment processor and termination company in Ghana, with a total processed volume – in terms of transactions – in excess of US$100million.
A source close to the deal noted that: “A merger will put the two entities in a very strong position to compete both locally and internationally. Such a merger will position Ghana as a country that has the potential to lead the next revolution when it comes to payments,” the source added.
It provides last-mile access to international payment and remittance companies, and works with various players to expand distribution through digital means globally.
eTranzact is a multi-channel electronic transaction switching and payment processing platform which currently operates in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Cote d’Ivoire, and the UK, and is currently expanding operations to more and more countries around the world.