Brainworks acquires Nettcash in $1.3mln deal

Brainworks Capital, the Zimbabwean private equity and advisory firm, is reportedly acquiring mobile wallet company, Nettcash in a two-phase, $1.3 million deal according to The Herald.  Having received regulatory approval to buy the 40% stake owned by a local business consortium, the firm is now waiting for approvals to acquire U.S. company Mozido’s 51% stake.

Nettcash offers its customers a range of financial services including bill and merchant payments, salary and pension disbursements, airtime top-up, microfinance solutions as well as ecommerce and remittances services. The company plans to leverage its functionality across all three mobile networks in Zimbabwe to increase its market share in a country where demand of mobile money solutions is expanding in the face of worsening cash shortages.

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