Nedbank announced last week that it was acquiring Durban-based fintech iKhokha in a R1.65-billion deal that could signal the start of further consolidation in the payments industry in South Africa.

Nedbank described the deal as a “significant milestone” in its strategy to target small and medium enterprises.

iKhokha co-founder and CEO Matt Putman is TechCentral’s guest in this episode of the TechCentral Show. He unpacks the deal with TechCentral editor Duncan McLeod, explaining how it came about and what it means for the company’s further growth.

Founded in Durban in 2012, iKhokha provides mobile point-of-sale solutions to SMEs. Its products include card machines and a mobile app that allows merchants to accept card payments, with added business management tools.

Putman tells the TechCentral Show about:

How the deal with Nedbank happened;
The origins of iKhokha and its growth over the past 13 years, leading to the sale to Nedbank – a deal that is still subject to regulatory approval;
How iKhokha will work with Nedbank (it will remain an independent brand within the banking group), including a possible expansion into new markets in Africa; and
The exit of iKhokha’s backers, including Crossfin Technology Holdings, Apis Partners and the International Finance Corporation.

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