INVESTEC Asset Management’s Africa-focused private equity fund has acquired a significant minority shareholding in technology services firm wiGroup for an undisclosed sum.

The plan is to help the firm grow and sell more software to corporate clients and mobile money issuers in Africa.

wiGroup delivers solutions that enable corporates to accept mobile transactions. It helps firms move their loyalty cards to mobile applications. A total in-store mobile transaction value of more than R4bn has been processed securely to date.

“We want to capitalise on its presence and the position it has built in SA. The second aspect is to help the business win more customers and get business outside SA,” Investec’s private equity investment principal William Alexander said.

It is in a partnership as well with Interswitch, an electronic transaction switching and payment processing firm in Nigeria. The Investec Africa Private Equity Fund II has also invested in telecoms towers business IHS Africa in Nigeria and IDM, a debt management company in SA.

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