EEFT - Euronet's Ria Money Transfer announces acquisition of Sikhona
- Ria Money Transfer, a business segment of Euronet Worldwide ( NASDAQ: EEFT ) has announced its acquisition of Sikhona Forex, one of the money transfer operators in South Africa.
- The agreement was extended to include inbound bank deposits in 2020 and inbound cash pick up at nearly 15,000 locations in January 2021.
- The acquisition allows Ria to consolidate and grow its position in Africa while providing Sikhona’s customers continued access to Ria’s network of more than 500,000 retail locations, which provide cash pick up as well as bank deposit capabilities into 3.6B bank accounts and payouts to almost 70 mobile wallets, across 188 countries and territories.
- In 2021, South Africa’s outbound remittances represented a $4B market and are expected to grow 4% annually through 2025.
- One of Ria´s main goals is to leverage this acquisition to expand access to financial products at affordable prices, one of the keys to promoting development in both South Africa and neighboring countries.
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Euronet's Ria Money Transfer announces acquisition of Sikhona