In a major strategic move, JSE-listed financial services group FirstRand has acquired a significant 20.1% stake in Optasia, a Dubai-based AI fintech firm chaired by former FNB CEO Michael Jordaan. The investment, valued at approximately R4.7 billion, coincides with Optasia’s upcoming initial public offering (JSE).
The deal grants FirstRand a powerful foothold in emerging markets across Africa, the Middle East, and Asia. Optasia’s core technology uses artificial intelligence and thousands of data points to assess the creditworthiness of underbanked consumers, enabling it to disburse microloans at scale through partnerships with mobile operators.
FirstRand highlighted that Optasia’s innovative model—which includes using mobile data sales as a credit collection tool—is “clearly meeting the needs of millions of customers.” For the banking giant, this investment provides immediate access to new, hard-to-reach customer bases in 38 countries, a feat that would be challenging and slow to achieve through organic growth.
The backing of Michael Jordaan, a highly respected figure in South African banking, adds a layer of credibility to the venture and signals strong confidence in Optasia’s potential to disrupt traditional lending models in emerging economies.
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