San Francisco – Credit card giant Visa said on Thursday it will acquire South Africa-based Fundamo, the developer of a mobile financial services platform used primarily in developing economies.

Financial terms of the deal were not disclosed.

Fundamo offers mobile financial services to unbanked and under-banked consumers, including person-to-person payment, airtime top-up, bill payment and branchless banking services.

Visa said the acquisition will allow it to add functionality and services to existing mobile financial services subscribers across Africa, Asia and Latin America.

Visa on Thursday also announced a long-term commercial agreement with Monitise, which provides mobile technology for financial institutions in more developed geographies.


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