FirstRand has acquired a 20% stake in Optasia ahead of the UAE-based company’s listing on the JSE.<\/p>\n\n\n\n
Optasia provides fintech services to people across emerging markets. In South Africa, it works with MTN, Vodacom and Standard Bank.<\/p>\n\n\n\n
FirstRand believes that the investment in Optaisa represents an exciting opportunity to leverage a proven fintech platform that solves the lending needs of underbanked or unbanked clients. <\/p>\n\n\n\n
These consumers typically have had difficulty accessing traditional credit products.<\/p>\n\n\n\n
\u201cOptasia’s ability to pre-score customers, process microloans at scale, and use mobile data sales as a credit collection mechanism is highly innovative,\u201d said FirstRand.<\/p>\n\n\n\n
\u201cIt is clearly meeting the needs of millions of customers in 38 countries across Africa, the Middle East and Asia.\u00a0<\/p>\n\n\n\n
FirstRand said that FNB will be able to leverage the platform to accelerate its own strategy to grow in underrepresented markets. <\/p>\n\n\n\n
This includes entry-level client cohorts and markets in its broader Africa portfolio.<\/p>\n\n\n\n
FirstRand, which also owns RMB and Wesbank, added Optasia\u2019s business model and strategy also represent growth opportunities.<\/p>\n\n\n\n
This growth is in terms of geographic expansion, new product development and other banking, funding and treasury solutions.<\/p>\n\n\n\n