mPowa beats Square to Africa in multi-million dollar deal with FNB

This is big. Square competitor mPowa will launch its payments device in South Africa after inking a multi-million dollar deal with banking giant FNB.

The deal is the first for the UK-based company, which is now offering its mobile card reading device as a white label solution. While the exact terms of the deal are unknown, mPowa says that it is in the “multimillion pound” range.

Under the terms of the deal, FNB will integrate mPowa’s hardware into existing merchant services (which also include mobile GeoPayments), with its own branding.

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