UAE digital payments firm says $288m African deal still on track

SourceArabian Business
SectorFinancial Markets
CountryUnited Arab Emirates

UAE-based digital payments firm Network International Holdings said on Monday that its proposed acquisition of African-based DPO Group for $288 million remains on track. Technology-enabled payments enabler DPO is the largest online commerce platform operating at scale across the African continent with a presence in 19 countries. The group's revenues have remained broadly flat in Q1, despite partner merchants being hit hard While saying the deal has yet to be completed, Simon Haslam, CEO of Network International, said: "I am encouraged to see their strong trading momentum through the quarter. This demonstrates the high growth nature of online payments across Africa, as well as DPO’s scale and market strength. We are excited by the opportunities they will bring to our group. Long term, our market and business fundamentals remain strong.” VIDEO His comments come as more...