South African payments gateway Ozow raises $48M Series B led by Tencent –
Summary
On a call with TechCrunch, Pays said that before Ozow, manual EFT processes were the popular options to carry out transactions online. Pays says Ozow is creating automated bank-to-bank payment solutions for over 47 million bank account holders and more than 100 industries in South Africa. This is a validation of our role in transforming the banking industry through the development of innovative, convenient and more inclusive payment solutions for everyone,” he said in a statement. “We’re working closely with the regulators to drive open banking, and that includes our collaboration with government and industry partners to rollout RPP,” the company said in a statement. A portion of the funds will also be directed at mergers and acquisitions and pan-African expansion to four countries in the next six months: Namibia, Ghana, Nigeria and Kenya.
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