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The International Finance Corporation and funds managed by IFC Asset Management Company (AMC) have invested $107 million in Net1 UEPS Technologies to expand financial inclusion in Sub-Saharan Africa and beyond.

In a statement released on Monday, the IFC said the investment is in line with its mission to promote financial citizenship to the world’s poorest by backing innovative companies, which have proven business models to reach millions of previously excluded customers.

Net1 UEPS Technologies is a leading provider of payment solutions and transaction processing services across multiple industries and in several emerging economies. The company offers basic, affordable, card and mobile-based financial services to low-income customers and rural populations that are often excluded from established formal financial services. The company has several patented financial technologies, including Virtual Card, Funds Transfer System, Variable PIN, and Emergency Finger. The company is listed on NASDAQ stock exchange and the Johannesburg Stock Exchange.

“Net1 has created impressive propriety technology for the delivery of services and demonstrated its effectiveness in South Africa,” said Atul Mehta, IFC’s Director of Telecoms, Media, and Technology. “IFC and IFC AMC’s funds’ investments will help Net1 expand regionally, especially into African countries where there is limited banking infrastructure and availability of financial services for the poorest segments of the population.”

IFC said it has been tracking Net1’s development in South Africa, its primary market, and sees the potential for applying the company's technology to expand financial services elsewhere. With its investment in Net1, IFC has acquired 18 percent stake in the company.

“We are proud to have been recognized by IFC as a company that can make a difference to the life style of millions of the most vulnerable,” said Serge Belamant, Net1’s CEO. “IFC’s investment recognizes our Company’s achievements, innovative and disruptive technologies, and our business model. The investment endorses our management’s integrity, transparency and focused drive towards making a positive difference to the disadvantaged citizens of the world.”

The IFC has been investing in disruptive technologies around the world to help expand access to financial services. As at March 2016, the IFC has invested about $180 million in 26 “Fintech” companies around the world servicing over 220 million people. This is on top of billions of dollars already invested in its successful, decades-long programme in support of traditional banks and microfinance institutions.

“Our investment in Net1 recognizes the company’s demonstrated ability to provide efficient payments services to the unbanked and under-banked in South Africa while innovating in commercially viable ways,” said Gavin E.R. Wilson, CEO of IFC AMC. “Our goal is to help Net1 use its technology to broaden its product offering and expand its customer base to other countries.”