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Peach Payments Extends Reach into Francophone West Africa Through PayDunya Acquisition
Peach Payments from Cape Town has extended its reach into Francophone West Africa significantly through the acquisition of Senegal’s digital payments platform PayDunya. This move establishes Peach Payments’ presence in Francophone West Africa which holds considerable opportunities for growing digital financial services. Peach Payments aims to become a top fintech company in Africa through this acquisition as part of their overall business strategy.
Peach Payments began operations in 2012 and achieved rapid growth with financial backing from investors including Apis Growth Fund II who contributed $31 million towards its development. The company provides online tools which enable businesses to process payments and control financial disbursements.
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The company operates within South Africa, Kenya, Mauritius, and Eswatini while expanding its presence to include six Francophone West African countries through the acquisition of PayDunya. The businesses that operate in these West African countries include Senegal, Côte d’Ivoire, Benin, Burkina Faso, Togo, and Mali.
Aziz Yérima together with Youma Fall, Christian Palouki, and Honoré Hounwanou launched PayDunya in 2015. PayDunya began its operations with €20,000 of bootstrap funding and evolved into a successful enterprise which handles 70,000 daily transactions for more than 4,000 clients. The platform enables straightforward payment transactions through a single API that integrates mobile money and banking services. PayDunya has established itself as a leading fintech company across Francophone Africa.
Peach Payments PayDunya acquisition will provide entry to a market with over 450 million people located in the UEMOA and CEMAC regions. Peach Payments CEO Rahul Jain stressed how this acquisition will help extend the company’s reach throughout Africa. “Through this acquisition we can deliver uninterrupted payment solutions throughout 12 countries and help cross-border businesses start operations in Francophone Africa,” he explained.
Aziz Yérima said the team is delighted to be working with Peach Payments in implementing the SmartPayment Platform. “We’re very happy to join forces with Peach Payments for the construction of an inclusive payment ecosystem that empowers entrepreneurs and small businesses throughout Francophone and Anglophone Africa,” he said.
It is also strategically timely as digital financial services are becoming more important than ever in Africa as governments advocate for cashless economies and financial inclusion. Francophone West Africa has usually been behind Anglophone countries like Nigeria and Kenya when it comes to fintech investment. But that’s changing with more people using smartphones and mobile money.
Having shared currencies and similar financial rules in UEMOA and CEMAC helps companies like Peach Payments grow across borders. Their recent acquisition of PayDunya is part of a bigger push to bring together digital payment systems in Africa. By working together, they hope to tackle issues like problems with different payment methods and limited connections between systems.
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This deal not only boosts Peach Payments as a leader on the continent, but it also shows how important Francophone West Africa is becoming in the fintech scene. As they get the needed approvals in the next few months, this acquisition could lead to new payment tech and better collaboration across regions.
Plus, with e-commerce in West Africa expected to hit $15 billion by 2029, Peach Payments moving into Francophone West Africa is an exciting development for online shopping in Africa.
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