South Africa’s Business Connexion (BCX) has bought a 30% stake Nigeria’s AppZone Limited, to develop solutions for the financial services sector.
Though the amount of the deal was not dislosed, the transaction gives Business Connexion the ability to expand in Africa with AppZone’s reach. In March, BCX acquired Panabiz Nigeria, a document management and imaging firm
AppZone is a provider of Integrated Banking and Payment software platforms and creator of BankOne; a top cloud infrastructure for Banking and Payment processing for Small and Medium financial Institutions. The firm’s mission is to provide technology that empowers people with unlimited access to quality financial services.
According to Matthew Blewett, Business Connexion Chief Operating Officer: “ AppZone has a remarkable asset-base of e-payment software products and intellectual property, and we’re looking to jointly seize the financial services opportunities within Nigeria and ultimately across Africa. Through its innovative mobile solutions, Appzone is perfectly placed to make a difference by reaching the unbanked, epitomising the Business Connexion Group mission – To enrich communities by making the impossible possible, through technology.”
AppZone was incorporated in July 2006 as Price and Networks Limited and began opeartions in 2008, its innovative solutions have great potential i Africa where financial inclusion is a key focus area for governments, banks and micro-financial services providers alike.
Chief Operating Officer of AppZone, Emeka Emetarom said AppZone makes financial services accessibile to the masses and it was formed to enhance the growth of Africa’s economy.