Brainworks Limited, an investment holding, consulting and advisory company, has acquired a mobile money service in Zimbabwe, called Nettcash.
According to The Herald, the deal was confirmed by Brainworks Managing Director, George Manyere, who said the acquisition was in two phases. “the deal is a series of transactions involving the acquisiation of 49 percent belonging to a local business consortium. We have received all regulatory approvals for this stake. We now await regulatory approvals pertaining to the shareholding (51 percent) belong to a foreign company, Mozido.
Mr Manyere said that Brainworks had already taken over the operations of Nettcash and would soon rebrand it to GetCash.
Mr Medicine Mavhondo, CEO of Nettcash, said that the focus is on growing the market share as potentially it can be the largest mobile wallet in the country as it cuts across the three mobile networks.
