InTouch announces strategic partnership with CFAO Group
By Pavithra R
The move comes as part of a capital increase through which CFAO will co-invest in the FinTech company with Mobility54, a corporate venture capital fund created in partnership with Toyota Tsusho Corporation in 2019 to focus on Africa’s mobility sector. Established InTouch investors TotalEnergies and Worldline have also reiterated their commitment to the Pan-African start-up.
“The rapid growth of African economies and acceleration in the transformation will largely rely on financial inclusion. Since its inception, InTouch has been actively involved in this formative change for the continent. CFAO Group is delighted to join forces with two key players like TotalEnergiesand Worldline in helping InTouch and its management team pursue their business development across Africa,” said Richard Bielle, CFAO Group Chairman and Chief Executive Officer.
Founded in Senegal in 2014, InTouch is a leading provider of payment and digital services distribution systems across Africa. The firm was born from the desire to democratize access to financial services in Africa and offers a range of more than 230 digital services such as mobile money, agency banking, money transfers, airtime top-ups, and acceptance of all the payment methods available in the countries in which InTouch operates on a single single platform available as an Android app, web interface or API.
InTouch is present in 10 countries, now has over 30,000 merchant customers and 1,000 corporate customers and offers its services through 1,200 TotalEnergies service stations. The company has over 250 employees and is aiming to roll out its solutions in 5 more countries by the end of 2021, taking the total to 21 by 2024.
“We are very proud to team up with CFAO Group on this amazing adventure. This should significantly strengthen our presence and help make InTouch a key player in payments throughout Africa,” said InTouch founder Omar Cissé.
CFAO’s investment reflects its drive to actively develop Africa’s digital payments industry. The Group aims to help InTouch grow to become the leader in the sector. CFAO’s long-standing presence in 38 African countries will also empower the company to extend its reach in the region.
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