Thailand-based end-to-end smart cards solutions provider dzcard has purchased a majority stake in Networking Payment System (NetPS).
Financial details of the transaction were not divulged.
NetPS, which is based in Morocco, is the provider of smart card personalisation and issuing solutions.
The acquisition of NetPS is aimed at helping dzcard support its growth ambitions.
NetPS CEO Younes Lahlou said: “It is a real opportunity for NetPS to be part of dzcard Group because it is going to open new horizons for their development and success.”
Founded in 1971, dzcard has over 800 partners and operations in three continents. In addition to Thailand, the company operates in India, Malaysia, the Philippines, and Tanzania.
dzcard offers a full suite of products, cards, packaging, personalisation, digital solutions, and encrypted authentication.
dzcard CEO Renaud Adam said: “The investment of NetPS covering West Africa has a strategical fit to our East, Middle and South African presence today through our card manufacturing and personalisation factory in Tanzania.
“NetPS has a strong footprint in the Moroccan banking segment giving world-class solutions and support to its clients and is expanding out of Morocco in the Sub-Saharan region offering software solutions for instant issuing and remote personalisation.
“We believe that together dzcard and NetPS can gain growth synergies, attract new markets and improve the solutions to our clients.”
Last month, Thailand’s KBank extended its partnership with dzcard to launch a new co-branded contactless debit card.
In November 2020, dzcard won the GIM certification to bolster electronic payments development in the West Africa region.