IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund, are helping to increase access to digital payment solutions for small and medium-sized businesses in several countries in Africa through an investment in South Africa-based fintech group Adumo.
IFC’s investments will support Adumo to make digital payment systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. Adumo, South Africa’s largest independent payment provider with a presence in 14 other African countries, owns merchant acquirers Sureswipe and Ikhokha and payment processor Innervation Pan African Payments.
