FNB Acquires South African Company Selpal

South African fintech company, Selpal, has been acquired by First National Bank (FNB). The partnership started back in 2018 when FNB bought a minority stake in the company to offer financial services to the informal market.

Johannesburg-based Selpal connects informal retailers, traders and other service providers with suppliers and customers, enabling them to shop and pay for items via its point-of-sale (POS) platform. Selpal offers a product “The Vault” which allows users to store and save cash anytime.