Actis acquires Visa Jordan for $87 million

Ahram Online, Wednesday 17 Aug 2011

Actis' platform Emerging Markets Payments Holdings takes control of the kingdom's largest debit and credit card operator in its latest bid to strengthen its position in the Middle East

Visa
Visa Jordan owns 80 per cent of point-of-sale terminals in Jordan and processes all Visa point-of-sale operations as well as all interbank ATM transactions.

UK emerging markets investor Actis announced Tuesday the acquisition of Visa Jordan Card Services Company (VJCS), Jordan's largest debit and credit card operator for US$87 million.

Visa Jordan owns 80 per cent of point-of-sale terminals in Jordan and processes all Visa point-of-sale operations as well as all interbank ATM transactions.

The acquisition will be the latest investment for Actis' Emerging Markets Payments Holdings (EMPH) platform, which aims to be the leading payments business in Africa and the Middle East, the company said in a statement.

In July 2010, Actis invested $30m in EMPH to acquire Egyptian based Mediterranean Smart Cards Company (MSCC).

"EMPH’s ambition reflects a belief in the fundamental shift in consumer and business behaviour in emerging markets from cash transactions to cards and electronic payments", stated the company.

Actis' presence in the Egyptian market has been building steadily over the last few years.

In 2009, Actis became the largest single investor in Commercial International Bank (CIB), Egypt's leading bank, through $244 million in investments.

The year before Actis invested $48.5 million in Mo'men Group for Foods S.A.E, one of Egypt's major food businesses. 

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