FSS takes stake in Africa’s Ecentric Payment Systems
Financial Software and Systems (FSS) has acquired a 46% stake in South Africa-based Ecentric Payment Systems, a Standard Bank subsidiary, through a combination of primary and secondary investments.
Financial details were not disclosed but Indian firm FSS says it has the potential to further its stake holding.
Nagaraj Mylandla, FSS managing director, explains: “The partnership will help us leverage mutual synergies to strengthen our presence in Africa’s largest markets and drive increased growth for FSS payment acquiring and other solutions.”
As part of the agreement, Ecentric will deploy FSS PoSabIlity, a “POS driving” and in-store payment acceptance solution.
FSS has been around for three decades and offers issuance, omnichannel acquiring, digital banking, processing and switching, ATM managed services, ATM and POS monitoring, reconciliation and settlement, digital security and payment analytics.
According to FSS, Ecentric has a customer portfolio comprising 50+ tier-1 banks and retailers. The latter’s product and service offerings include card processing, remittances, issuing, cash management and reconciliation.
Ecentric was founded in 1998. Its payment platforms connect over 70,000 retail channels to card issuing and payment acquiring systems across South Africa and a dozen other Sub-Saharan countries.
FSS says its customers include banks, financial institutions, processors, central regulators and governments across North America, UK/Europe, Middle East, Africa and APAC.
Just last week, State Bank of India (SBI) chose FSS to implement its “One Nation, One Card” programme for digital payments.