Private equity firm Actis announced its acquisition of Paycorp, a South-African payments business. Transaction Capital sold Paycorp to Actis and its management for USD 95 million. Together with eight Southern African banks, Paycorp is the owner and operator of close to 5,000 off-bank premises ATMS. It also installs and operates credit and debit card terminals and issues non-bank payment cards.
The acquisition of Paycorp marked the private equity company's fifth investment in the payments industry in the past three years. Actis Johannesburg office Partner Natalie Kolbe said the buy is an example of her firm's solid business strategy. "Our commitment to Paycorp typifies Actis's strategy: putting money to work in a high quality business, in a high-growth sector we know well. As a South African I have seen first-hand the country's need for this type of critical social infrastructure, which can help boost financial inclusion. Paycorp provides broader access to transactional services for the under-banked population and we look forward to extending that even further with the business," she said.
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