Fransabank buys stake in Pinpay for $2.5 million. Bank to use the service

Fransabank will invest $2.5 million in Pinpay, a local provider of mobile payment services, said a source close to the deal.

Under the deal, Fransabank will also be using Pinpay's services for its customers. The bank will stop operating the Simba mobile payment application provided by Viamobile.

Fransabank's $2.5 million stake will increase PinPay's capital to LL13 billion ($8.6 million). Pinpay's other shareholders are Bank Audi, Bankmed, and Middle East Venture Partners (MEVP)...

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