Bankserv acquisitions approved with conditions

The Competition Commission has placed conditions in its approval of the proposed acquisitions by Bankserv, the South African interbank clearing and settlements systems operator of Emid and Nomad respectively. Emid is a specialist provider of “back office” ICT services to small banks and other financial institutions that require account management solutions. Nomad provides software that ensures the smooth transmission of card payment instructions from a retailer’s checkout system to its acquiring bank.

The acquisition of Emid and Nomad forms part of the commercialisation strategy of Bankserv, which was initially created as a utility serving the major banks which are also its major shareholders.

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