Last week online financial services provider RCS, which is a part of the BNP Paribas group, announced that it would be acquiring local online credit provider Mobicred.
The finer details of the deal are yet to be confirmed, such as how much the acquisition is for and indeed when the “ink” on the deal will have dried, but RCS has already outlined its intention with the acquisition of Mobicred.
To that end the FSP is looking to target South Africa youth, which is said to be the fastest growing group of online shoppers in the country. That is saying something considering the boom in ecommerce over the past two years as a result of the pandemic.
“Our acquisition of Mobicred enables us to better serve the needs of South African consumers who require a more diverse suite of credit solutions to help them access and manage their purchases,” explains RCS CEO, Regan Adams, in a press release sent to Hypertext.
The lure of Mobicred is easy to see, particularly as the credit provider’s technology has been integrated into more than 4 000 online stores in South Africa.
With Takealot likely being the most recognisable name that makes use of Mobicred, other sites like iStore, Incredible Connection, BidorBuy, Superbalist, Hifi Corporation, Sportsman’s Warehouse, NetFlorist, Dis-chem, Clicks, Wellness Warehouse, Travelstart and Lift Airlines all making use of it.
“The acquisition of Mobicred was the natural next step in RCS’s digital transformation strategy and complements our existing offering perfectly as we enable our customers to shift towards shopping across their chosen channels – be it in-store or online,” adds Adams.
“As part of the global BNP Paribas group, we are constantly looking for innovative technologies to enhance the customer experience and to bolster our engagements. It is important to stay abreast of new Fintech developments and to integrate innovation into every touchpoint in our business,” he continues.
For now, it remains to be seen when we will see the RCS branding replace Mobicred at the checkout page on online stores, but it looks like some additional features and services are also on the cards once this acquisition is finalised.
“Mobicred is a pivotal next step in unlocking this value. There are exciting opportunities opening up in our transactional realm for our retailers and their customers,” concludes Adams.
