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Standard Bank Namibia acquires 50.9% stake in local payments firm

SBN Holdings Ltd., the holding company for Standard Bank Namibia Ltd., purchased a 50.9% stake in electronic payment solutions company MobiCash Payment Solutions (Pty) Ltd., or Mobipay, for 53.2 million Namibian dollars, The Namibian reported.

Under the deal, Standard Bank Namibia will take control of the payments firm's services.

The sale, which was completed in April, was stated in Standard Bank Namibia's first-half results. For the six months ended June 30, the lender booked an after-tax profit of 282 million Namibian dollars, a 10.6% yearly increase from 255 million Namibian dollars.

At the conclusion of the sale, Mobipay's goodwill was valued at 39 million Namibian dollars, while its net assets at acquisition were estimated at roughly 20 million dollars.

Standard Bank Group Ltd. is the ultimate parent of SBN Holdings and Standard Bank Namibia.

As of Sept. 9, US$1 was equivalent to 14.72 Namibian dollars.