International Finance Corporation And IFC Financial Institutions Growth Fund Invest R225m In SA Fintech Adumo To Expand Digital Payment Solutions In Africa


International Finance Corporation and IFC Financial Institutions Growth Fund Invest R225m in SA Fintech Adumo to Expand Digital Payment Solutions in Africa

South African fintech group Adumo today announced R225 million ($15 million) in new funding from IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund to expand access to electronic payment solutions, especially for underserved small and medium-sized businesses.

IFC’s investments will support Adumo to make digital payments systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. Adumo, South Africa’s largest independent payment provider with a presence in 14 African countries, owns merchant acquirers Sureswipe and Ikhokha and payment processor Innervation Pan African PaymentsInnervation RewardsSwitchPay and Humble POS.