BNP Paribas unit buys South Africa’s Mobicred

RCS, the consumer finance arm of French banking group BNP Paribas, has acquired South African online credit provider Mobicred. Terms of the deal have not been disclosed.

The acquisition comes, RCS said in a statement, as the youth in South Africa emerges as the fastest-growing group of online shoppers in the country, a segment of “digital natives” where providing access to credit is “imperative”.

“Our acquisition of Mobicred enables us to better serve the needs of South African consumers who require a more diverse suite of credit solutions to help them access and manage their purchases,” said RCS CEO Regan Adams in the statement.

“The acquisition of Mobicred was the natural next step in RCS’s digital transformation strategy and complements our existing offering perfectly as we enable our customers to shift towards shopping across their chosen channels – be it in-store or online.”

Founded nine years ago, Mobicred provides retailers with credit facilities that can be used by their customers. It offers a single credit account for all a customer’s online shopping needs.

The platform is integrated into about 4 000 online stores in South Africa, including market leader Takealot, providing a secure payment option in real time. Other retail partners include iStore, Incredible Connection, Bidorbuy, Superbalist, HiFi Corporation, Sportsman’s Warehouse, NetFlorist, Dis-Chem and Clicks.

“With the acquisition of Mobicred, RCS will accelerate its growth into the e-commerce ecosystem by adding new and bespoke brands to their already well-established shopping network of over 28 000 stores. The acquisition also allows the group to tap into new customer segments, with a particular focus on Gen-Z’s and millennials – the biggest proponents of online sales in South Africa,” RCS said.

Mobicred was founded in 2013 by CEO Jason Sive.  – © 2022 NewsCentral Media