AZA Finance says it has agreed to buy SA’s Exchange4Free to become the biggest nonbank provider of currency exchange and treasury services in Africa. AZA and smaller rivals service the market for companies and individuals who make transactions of $10,000 to $5m, a sector largely neglected across Africa, she said. The company, which Rossiello founded eight years ago, created currency pairs between some of Africa’s less used currencies. Investors in AZA include the Development Bank of Southern Africa, which recently took a stake, Draper Associates and Greycroft Partners. AZA plans to launch its services in Egypt and then expand across North Africa, the Middle East and Central Asia.

Source: The North Africa Journal April 28, 2021 17:37 UTC