Mauritius Commercial Bank exits payments processor ICPS

MAURITIUS Mauritius Commercial Bank (MCB) has announced that it has agreed to sell all the 80% shares it held in payments processor ICPS for an undisclosed amount.

The lender will subsequently sell the shares  Morocco’s payment solution provider HPS, which already owned 20% stake in the company.  

This acquisition is part of HPS’s strategy for growth and development abroad.

The company is committed to providing payment solutions and services for issuers, retailers, and mobile network operators worldwide.

The strategy, which began in 2010, has enabled HPS to acquire several companies operating in the same business sector.

“The new acquisition aims to position HPS as a major payment player in Africa

Earlier in 2021, it finalized the acquisition of IPRC, which supervises nearly 5,500 Automatic Teller Machines (ATMs) on behalf of some 30 banks in Morocco and Africa.

This new acquisition aims to “position HPS as a major payment player in Africa”.

With a portfolio of about 30 clients in more than 22 countries in Africa and Asia, ICPS will merge with HPS.

The partnership will allow both partners to extend their services in about 30 countries.

Mauritius Commercial Bank (MCB) is the oldest and largest banking institution of Mauritius having been founded in 1838.

It operates a network of 42 branches and over 4,000 point of sale terminals across the island.

HPS is a leading payment software company providing electronic payment solutions for financial institutions, processors, and national switches all around the world.

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