Brainworks Capital, the Zimbabwean private equity and advisory firm, is reportedly acquiring mobile wallet company, Nettcash in a two-phase, $1.3 million deal according to The Herald. Having received regulatory approval to buy the 40% stake owned by a local business consortium, the firm is now waiting for approvals to acquire U.S. company Mozido’s 51% stake.
Nettcash offers its customers a range of financial services including bill and merchant payments, salary and pension disbursements, airtime top-up, microfinance solutions as well as ecommerce and remittances services. The company plans to leverage its functionality across all three mobile networks in Zimbabwe to increase its market share in a country where demand of mobile money solutions is expanding in the face of worsening cash shortages.
Brainworks, which counts a major stake in GetBucks Zimbabwe amongst its holdings, plans to rebrand Nettcash to GetCash in order to better align the company with its current financial services platform.