Travelex acquires significant shareholding in FX Africa

FX Africa comprises a total of 62 retail outlets, including 50 in South Africa, four in Botswana and eight in Zambia. Headquartered in Johannesburg, the company employs approximately 260 people and has been operating in southern Africa for over four years by way of its operating franchise, Travelex Retail Foreign Exchange, with FX Africa.

Terms of the acquisition have not been disclosed. The acquisition remains subject to the South African Bank Reserve Board approval.

A great opportunity

Commenting on the acquisition, Peter Jackson, CEO of Travelex said: "FX Africa is a business we know well following our successful franchise relationship with them over the last four years. We are delighted to have now taken a significant shareholding, which is the natural next step for Travelex as a platform to expand across this fast growing region.

"There is a great opportunity to continue the expansion of FX Africa under the Travelex Brand, further developing the FX products and services available to customers and increasing the network of retail outlets. This is in line with our strategy of focussing on fast growing and emerging markets to build on our global footprint."

Monwabisi Fandeso, the CEO of Thebe Tourism Group, said: "Our partnership with a player of the size and calibre of Travelex presents FX Africa and Thebe Tourism with enormous new business opportunities.

"We have every confidence that this partnership will help realise our vision of accelerating our growth into the continent and expanding our share of the South African consumer and corporate market."