Brainworks acquires Zimbabwean mobile money service Nettcash

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The Herald reports that Brainworks Capital Management has purchased 49% of mobile payments company Nettcash from local shareholders as part of a 2-phased takeover.

Texas-based Mozido, Inc is currently the majority shareholder in Nettcash with the remaining 51% of shares. Incidentally, Mozido opened an Africa HQ in Johannesburg as recently as October 2015.

Brainworks is currently seeking regulatory approval to acquire the outstanding 51%.

At the time of the Africa HQ launch, Mozido seemed intent on expanding their footprint in Africa, so the sale of the Zimbabwean subsidiary less than a year into the Africa adventure is a bit of a mystery.

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Brainworks Capital Management is a private equity firm that launched a $20 million fund aimed at various Zimbabwean industries in 2011 and has since dug-out a well-rewarding niche at the crossroads of indigenisation and private equity.

It is not clear if there is an indigenisation angle to the imminent sell-off by Mozido.

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