Setcom operates SID, the leading instant EFT solution in South Africa
Nairobi, 5th December 2017 – Direct Pay Online Group (DPO) has announced the acquisition of SID Instant EFT South Africa, the original and leading instant electronic funds transfer (EFT) solution in the region. The deal will complement DPO’s comprehensive suite of payment solutions which includes all major cards, mobile money and e-wallets.
Commenting on the investment, Offer Gat, the DPO Group Chairman said: “We are excited to include South Africa’s leading online EFT solution, SID, under our group, and have SID founder and innovator, David Liu, join us as a shareholder through this acquisition. SID has been a pioneer in the payments industry for many years and we have no doubt that they will continue to bring new and innovative solutions to our customers and merchants across Africa.”
SID began its operations in 1998 and has been providing secure online card processing to hundreds of South African e-commerce websites since. In 2007, the company launched a secure Instant EFT payment product that allows funds to be transferred online and in real-time from a client to a merchant’s bank account, with the transaction reference controlled by the merchant making reconciliation easy and convenient. SID has enabled merchants across South Africa to collect instant EFT payments via website, email or invoice and has become one of the most popular online payment methods in the country.
SID Founder, David Liu said: “the goal has always been to help people buy and sell anywhere, anytime and the DPO Group has a similar vision. By joining the Group, we have no doubt that together, we will achieve one payment solution for Africa.”
SID is the 4th acquisition that the DPO Group has made in South Africa following PayGate, PayThru and VCS. The Group was established in Kenya in 2006 and has since expanded to Uganda, Rwanda, Zanzibar, Tanzania, Ethiopia, Zambia, South Africa, Zimbabwe, Namibia and Botswana.
DPO Group CEO, Eran Feinstein said: “Setcom has continuously innovated and achieved impressive results in the South African payment space. We plan to expand and promote SID to all current and future merchants across our markets so that they may offer this payment option to their customers, further helping them to enhance their businesses.”