In a landmark deal for the Kenyan tech ecosystem, Ghanaian financial services provider AFB has acquired Weza Tele, a leading provider of mobile payment and value-added services across Africa, for $1.7 million. This acquisition, reported by Disrupt Africa as the largest of its kind in Kenya, underscores the growing interest of established financial institutions in leveraging innovative technologies and partnerships to expand their reach and enhance customer experiences.
Weza Tele, recognized for its innovative solutions in commerce, supply chain, and distribution, has built a strong presence across several African markets. The company has assured its customers of a smooth transition during the integration process, emphasizing continued service quality and a commitment to long-term relationships.
AFB, a pioneer in providing accessible credit solutions across Africa, has a strong track record of leveraging technology to empower consumers and businesses. With a network of over 400 retail partners, AFB aims to leverage Weza Tele’s expertise to further enhance its product offerings and expand its customer base across the continent.
This acquisition marks a significant milestone for the Kenyan tech startup scene, demonstrating the growing maturity and attractiveness of the Kenyan market to both local and international investors. Weza Tele’s recognition as the 2014 Frost & Sullivan Entrepreneurial Company of the Year further solidifies its position as a leader in the Kenyan mobility solutions market.
