Nagaraj Mylandla, Managing Director, FSS

FSS has announced an investment in the South African subsidiary of Standard bank, Ecentric Payments, acquiring a 46% stake through primary and secondary investments.

Nagaraj Mylandla, Managing Director, FSS stated, “We are pleased to join Ecentric as an institutional investor in the company. We see the investment as an extraordinary opportunity to achieve a leadership position in the African payments space. 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.”

According to the supplier, the association between FSS’s deep payment technology and Ecentric’s African market presence will facilitate the development of customized payments solutions as well as the development of a FinTech hub for the African payments market. The funding will help Ecentric to launch its next market growth phase. As part of the agreement, Ecentric will deploy FSS’ POS driving and in-store payment acceptance solution- FSS PoSability.

Hassen Sheik, CEO of Ecentric commented; “We are very excited to welcome our strategic partner, FSS, a global payments leader, as a new investor. The financial and strategic backing from FSS, will help Ecentric accelerate product innovation and grow the business in its home market as well as expand to more countries. This backing brings us a step closer to achieving our goal of creating a ubiquitous and universal digital payment acceptance market in the continent.”

Founded in 1998 and headquartered in South Africa, Ecentric is a payment switching and retail value-added services provider, with a customer portfolio comprising 50+ Tier-1 banks and retailers. Ecentric processes transactions for a majority of Tier-1 retailers and, small and specialized retail outlets. The product and service offerings include Card Processing, Value Added Services, Remittances, Issuing, Cash Management and Reconciliation.

Established in 1991 and headquartered in Chennai, Financial Software and Systems (FSS) is a digital payment and financial technology company offering an integrated portfolio of software products, hosted payment services and software solutions. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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