Network International has agreed the acquisition of Emerging Markets Payments from Actis.
The transaction which is subject to regulatory approvals has been advised to Actis by Clifford Chance and Morgan Stanley.
EMP which was estabilished in 2010 as a buy and build platfrom will take advantage of increasing demand for payments infrastructure in the Middle East and Africa. It currently serves more than 35,000 retailers, 130 banks as well as governments and consumer finance institutions across 45 countries.
The business is offering banks the possibility to issue and process debit, credit and prepaid cards, makes for an easier merchant acquiring and offers retailers as well as e-government payment solutions.
EMP executive chairman Paul Edwards said: “Actis brought sector insight, local understanding and an unshakeable conviction to invest behind the thesis that Africa would welcome the very latest in payments technology.
“Since inception, EMP has delivered 30% p.a. growth and by combining forces with Network International we will be even better placed to grow further and meet the ever changing needs of our customers.”