First Data has signed an agreement with Mvelaserve Limited, a Mvelaphanda Group Limited company and Industrial Electronics Investment Limited, a company of VenFin Beperk, to acquire CashAxcess, a South African ATM deployment company.
CashAxcess provides end-to-end, outsourced ATM services to banks in the region, including Mercantile, Capitec and ABSA. The company has 200 ATMs currently deployed.
“We are delighted to welcome the CashAxcess team into the First Data family. The combination of their considerable ATM expertise and knowledge of the local business environment coupled with First Data’s scale and global experience will ensure we can deliver an enhanced service to clients in South Africa,” says George Zafirakis, vice president with responsibility for international emerging markets, First Data.
“ATM outsourcing is a growth area within the South African payments market as banks look to drive more cost efficiencies through their operations. Increasingly, banks are concentrating on building and providing core banking services to their customers while working with specialist partners such as First Data to enhance the breadth of payment solutions offered to their customers,” says Estevao Tokata, director with responsibility for sales organisation in Africa, First Data.
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