AZA Buys Exchange4Free to Become Biggest Africa Non-Bank FX Firm

AZA Finance said it has agreed to buy South Africa’s Exchange4Free Ltd. to become the biggest non-bank provider of currency exchange and treasury services in Africa.

The acquisition of Exchange4Free will more than double the value of AZA’s annual value of online transactions to more than $2.5 billion and will give it an entry into South Africa, the most developed country on the continent, the company said in a statement on Wednesday. That will extend AZA’s services to more than 115 countries. The value of the purchase wasn’t disclosed.

“South Africa was a market in which we thought it was ...