Cairo, 27 July 2010: Actis, a leading private equity investor in emerging markets, announces the 100% management buy-out (MBO) of Mediterranean Smart Cards Company (MSCC), the premium electronic payment processor in Africa. Actis will become the majority shareholder; the management team, led by Madame Hoda Shoukry, has also invested for a stake in the business. Africa is the last continent to move away from a cash society. The acquisition of MSCC reflects Actis's belief in the fundamental shift in consumer and business behaviour from cash transactions to electronic payments. MSCC was founded in 2001 and has built on its leading market share in Egypt to penetrate over 20 countries. It is now emerging Africa's leading provider of high-quality, flexible technology for card payment processing and support services. The company presents an attractive value proposition to banks by reducing time to market, freeing management capacity to focus on core operations, and reducing costs. A third of Egyptian banks currently outsource their card processing to MSCC. Read More...

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