US firm acquires NettCash

HARARE - United States of America-based cloud platform mobile payments and retail engagement solutions provider, Mozido, has acquired a majority stake in a local mobile wallet company NettCash.

Mozido Founder, Michael Liberty, said his company will integrate NettCash’s prepaid electricity solution into its mobile transaction platform services, which will include mobile bill payment, stored value account and person-to-person payment services.

Liberty added that the Texas-headquartered firm will soon launch and expand the first Zimbabwean mobile wallet to include prepaid utility services.

“Mozido’s global strategy is to identify opportunities where mobile financial services, that are designed to be inclusive and easily accessible, can solve important problems for the region — no matter the user’s banking status or physical location,” he said.

NettCash’s mobile money platform enables any existing phone to be used as a payment tool, no matter the handset or operator.

“We saw an opportunity to fulfil an important need in Zimbabwe, and Mozido’s NettCash mobile prepaid utility service has made it possible for hundreds of thousands of families to simply top up their electricity meters whenever they need, instantly from their mobile phones,” Liberty said.

In just four months since its initial launch, the Mozido NettCash service has reached more than 250 000 consumers with plans to expand significantly within the region, the company confirmed.

The NettCash offering is the first of many solutions Mozido will offer to consumers throughout Zimbabwe and the African continent.

“Mozido’s NettCash services use mobile phones to fill a real need to conveniently pay for essential services in a predominantly cash society,” said Mozido.

“Our mobile service is inclusive. Anyone can load cash at NettCash agents and kiosks and then access their stored value account through mobile SMS, feature phones and smartphones using the NettCash service to start topping up their electricity accounts from the convenience of their own homes. It’s a safe and secure method of storing the money they need to access vital services like prepaid electricity,” the company said.

Mozido noted that it will continue to add additional financial services to the NettCash mobile solutions in the coming months.

This year has been a big one for Mozido acquisitions and investments, with NettCash standing as the latest company to be brought under the Mozido umbrella in recent months.

In February the acquired Delaware-based technology and payments company PayEase, just months after snapping up majority ownership of CorFire, best known as the mobile commerce engine behind the Dunkin’ Donuts mobile application.

The acquisition of PayEase positioned Mozido to introduce its products and solutions to China and also granted the company access to a cross-border payments gateway that enables foreign merchants to expand payment processing into China.

With a focus on expansion and growing cross-border capabilities, Mozido’s strategic acquisitions and investments seem to be a significant contribution to its global presence.

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