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The Direct Pay Online Group acquires PayFast in cash, stock deal

The Direct Pay Online Group, an Africa-focused payment processor, acquired South African peer PayFast (Pty.) Ltd. for an undisclosed consideration comprised of both shares and cash.

The company said PayFast's management team became key shareholders in the group as part of the deal, which completed July 30.

The acquisition enables the group to provide its services to more than 100,000 merchants in 18 African countries on a single platform.