Yoco Technologies (Pty) Ltd (FMO-53682)

Countries
  • South Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Yoco Technologies Pty. Ltd.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 10, 2018

Disclosed by Bank Jun 18, 2018


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Project Description

Yoco is seeking to fill the "acceptance gap" in South Africa. The acceptance gap is unique in sub Saharan Africa and relates to the fact that a large number of consumers have a credit/debit card or mobile wallets, but merchant acceptance is low due to high fees and prohibitive setup costs.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Yoco Technologies Pty. Ltd. is a mobile-point-of-sale (mPOS) company targeting South African (M)SMEs, established in 2013. The company works with acquiring banks to enable small businesses to accept digital payments via cards and electronic payment platforms. Yoco sells the mPOS devices to merchants and earns revenue in the form of transaction fees thereafter.

Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism