The board of PASS Holdco Limited (trading as "PASS") are pleased to announce, subject to the satisfaction of certain conditions precedent, the acquisition of SibtonCommunications Ltd ("Sibton"), a company registered in Ghana and active in IT infrastructure development and the implementation of mobile and electronic payment clearing and settlement systems.Sibton's subsidiary company isSibton Switch Systems Ltd, a company that is working on the Ghana Retail Payment Infrastructure System.
PASS is a holding company established and registered in the Dubai International Financial Centre, UAE. The objective of PASS is to create a system of interoperable payment switches to enable seamless electronic, platform agnostic, transactions across the African continent.
The transaction represents a key strategic investment into Ghana by leading international investors and demonstrates a firm commitment to, and confidence in, Ghana.
It is anticipated that further investments will be announced by PASS which will initially expand its footprint across the West Africa region and gradually across the continent.