South Africa (SA) Fintech Firm Selpal, A Virtual Distribution Platform Has Been Acquired By The First National Bank.
SA Fintech Firm Selpal, A Virtual Distribution Platform Has Been Acquired By First National Bank. According to FNB, the new purchase aligns with its intent to increase financial inclusion throughout South Africa. The complete acquisition covers the whole chain from the manufacturing to the final consumer.
Based in Gauteng, Selpal was formed in 2013 and run an operational model that creates a point-of-sale network of devices within the informal sector which leverages this network for different business propositions. Selpal’s ecosystem connects customers and suppliers to store traders. In 2018, FNB partnered with Selpal to boost financial inclusion in spaza shop.
Gordon Little, the CEO at FNB Business, terms the move as part of a “broader strategy” aimed at supporting cash-based small businesses. The recent integration and acquisition of Selpal bolster the milestones achieved when executing this strategy. He further points out that data collected from the devices will be instrumental in assisting banks to come up with relevant products and solutions tailored for the informal sector.
This news was originally published at Tech In Africa.