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Crown Agents Bank has secured a payments partnership deal with VodaCash, the first in Democratic Republic of Congo (DRC).
VodaCash is a subsidiary of Vodacom Congo, and the “DRC’s largest” mobile network operator (54% market share), and by extension a subsidiary of Vodacom Group South Africa and Vodafone Group UK.
Crown Agents Bank, which is based in the UK, says this deal extends its mobile payments reach through the M-Pesa brand to 13.4 million of Vodacom Congo’s subscribers, among which five million are VodaCash subscribers.
Steve Marshall, Chief Commercial Officer at Crown Agents Bank, says the development is “an important step towards financial inclusivity”.
Chris Williamson, Managing Executive – M-Pesa at Vodacom Group, adds: “Payments have historically been challenging in the region, especially getting funds to those who are financially excluded and difficult to reach with traditional channels.”
The UK bank will integrate its payment gateway with VodaCash’s platform and services to provide a way for international development organisations (IDOs) to pay individuals directly into their mobile wallets.
This partnership marks the first in a series of planned (and unspecified) integrations across Africa.
Back in July, the bank picked up a deal with Paycode in South Africa as they both sought out more fintech action on the continent.
Crown Agents Bank calls itself a 187-year-old boutique bank specialising in wholesale FX and payments in emerging and frontier markets.
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