Mozido Buys African Mobile Wallet Firm

Austin-based digital payment technology developer Mozido is expanding its efforts to Africa, via the acquisition of NettCash, a Zimbabwe company developing mobile wallet software. Mozido did not announce financial details of the deal, but said it had acquired a majority of NettCash in order to further establish a foothold in Africa. NettCash's services are used for mobile wallet and prepaid utility service in Zimbabwe, specifically for topping up payments on electricity meters. Zimbabwe switched to prepaid electricity meters in 2012, in order to help the state-run utility both improve its infrastructure as well as better collect payments from electricity customers.