![FirstRand’s investment in UAE-based fintech Optasia deepens Africa’s digital banking reach and expands financial inclusion across 38 emerging markets. [BusinessDayLive/Web]](https://ocdn.eu/pulscms/MDA_/e5ca2f7c6be358705eb140e85e5592a0.jpg)
South Africa’s FirstRand Bank has acquired a 20% stake in UAE-based Optasia, a digital finance platform serving millions of underbanked clients across Africa, the Middle East, and Asia.
- FirstRand acquires a 20% stake (worth $70 million) in UAE-based fintech Optasia ahead of its JSE listing.
- Optasia serves millions of unbanked customers across 38 countries in Africa, the Middle East, and Asia.
- The investment aligns with FirstRand’s strategy to grow in underrepresented African markets and expand its digital lending offerings.
- Optasia’s JSE listing aims to raise $68 million for growth and acquisitions, alongside a $261 million secondary share sale.
The investment, valued at roughly $70 million, comes as Optasia prepares for its listing on the Johannesburg Stock Exchange (JSE), a strategic step aimed at deepening its African presence and funding its next growth phase.
“Optasia’s ability to pre-score customers, process microloans at scale, and use mobile data sales as a credit collection mechanism is highly innovative,” FirstRand said in a statement.
“It is clearly meeting the needs of millions of customers in 38 countries across Africa, the Middle East, and Asia.”
Optasia currently partners with telecom giants MTN, Vodacom, and Standard Bank in South Africa, providing credit and financial services to underserved populations who often struggle to access traditional banking.
FirstRand, parent company to FNB, RMB, and WesBank, said it plans to leverage Optasia’s technology to drive its own expansion into underrepresented African markets and develop new digital lending products tailored for entry-level clients.
Earlier this month, Optasia announced plans to raise about $68 million through its upcoming JSE listing to fund organic growth and acquisitions. Additionally, a secondary share sale worth $261 million will be offered through private placement, though Optasia will not directly benefit from those proceeds.
By aligning with Optasia’s model, FirstRand joins a growing wave of African banks investing in fintech innovation to reach the continent’s unbanked 350 million adults, a market seen as the next big frontier for financial inclusion and growth.
