Ria Money Transfer Expands Presence in South Africa Through Acquisition of Sikhona
Acquisition of High-Growth Money Transfer Operator in South Africa Provides Opportunities for Broader Reach, License to Operate in Region and Strong Digital Capabilities
BUENA PARK, CA (November 3, 2022) – Ria Money Transfer, a business segment of Euronet Worldwide, Inc. (NASDAQ: EEFT) and a global leader in the cross-border money transfer industry, today announced its acquisition of Sikhona Forex (Pty) Ltd, one of the leading money transfer operators in South Africa. The combination of Sikhona’s digital capabilities in the African market and Ria’s international digital and far-reaching physical network means faster, more affordable, and more robust cross-border money transfer services for customers throughout Africa.
Ria and Sikhona have been trusted partners in South Africa since 2017 when the two companies agreed that Sikhona would process outbound transactions using Ria’s global payout network. The agreement was extended to include inbound bank deposits in 2020 and inbound cash pick up at nearly 15,000 locations in January 2021. The acquisition allows Ria to consolidate and grow its position in Africa while providing Sikhona’s customers continued access to Ria’s network of more than 500,000 retail locations, which provide cash pick up as well as bank deposit capabilities into 3.6 billion bank accounts and payouts to almost 70 mobile wallets, across 188 countries and territories.
At the same time, Ria will add digital and physical presence in a major send and receive market with a license granted by the South Africa Reserve Bank. Sikhona currently handles significant cross-border traffic within Africa and worldwide originating from its app and online service, its own nine information centers and at over 20,000 retailers throughout South Africa. Transaction information between Sikhona’s platform and Ria is now fully integrated.