By Alex C
Panabiz Nigeria, JSE-listed Business Connexion Group (BCX) has strengthened its hold in Nigeria by acquiring 30 percent of financial IT service provider, AppZone Limited to enable it provide cloud-based solutions to the monetary sector. This development comes months after acquiring the document management firm.
Although financial details of the deal is not clear, the transaction will enable BCX expands its portfolio in Nigeria, Africa’s largest economy and increase its cloud strategy across the African market.
Matthew Blewett, Chief Operating Officer, BCX said that the purchase of a major stake in AppZone will enable the company seize the financial services opportunities within Nigeria and ultimately across Africa.
BCX hopes to dominate the African online payments market. The company has identified Kenya and Nigeria as key growth markets, following its massive regional influence. It is also expecting to rake in more acquisition in Ghana whose capital city, Accra was ranked the highest inclusive growth city on the MasterCard African Cities Growth Index (ACGI).
These acquisitions and expansion projects are expected to boost the company’s global revenues by 30 percent in the coming years.
AppZone, a company established to promote financial inclusion among the masses, installs technology solutions to financial institution which enables end-users access financial services through a wide range of connected electronic devices.
One of its notable products is the BankOne, a cloud-based service which caters for financial and transaction processing for Microfinance banks.
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