Mozido, a provider of mobile financial, retail and marketing services, has expanded into Africa by acquiring a majority of NettCash, a Zimbabwe mobile wallet company.

Mozido said the NettCash prepaid electricity product is being extended by integrating Mozido's Mobile Transaction Platform services. The company launched the service in February and now has 250,000 users, according to a press release. NettCash features mobile bill pay, stored value account and person-to-person payment services, and includes prepaid utility services.

"Mozido's global strategy is to identify opportunities where mobile financial services, that are designed to be inclusive and easily accessible, can solve important problems for the region, no matter the user's banking status or physical location," Michael Liberty, Mozido fouder, said in a statement. "We saw an opportunity to fulfill an important need in Zimbabwe, and Mozido's NettCash mobile prepaid utility service has made it possible for hundreds of thousands of families to simply top up their electricity meters whenever they need, instantly from their mobile phones."

Mozido is currently adding additional financial services to its NettCash mobile products. In the coming months, Mozido will expand mobile bill pay to other service and utility providers, and add inbound remittance transactions and person-to-person payments, according to the announcement.