ICPS
ICPS, a Mauritius-based wholly-owned subsidiary of HPS Group, provides outsourced card payment processing, card personalization, and payments training to 30+ banks and financial institutions across 22 countries in Africa and Asia using the PowerCARD platform.
- Company typePrivate
- Founded2008
- HeadquartersPort Louis, Mauritius
- Headcount101–250
- GTM typeB2B
- OfferingServices
What ICPS does
ICPS (International Card Processing Services Ltd) is a Mauritius-headquartered, wholly-owned subsidiary of HPS Group (listed on the Casablanca Stock Exchange) that provides outsourced card payment processing and adjacent professional services to banks and financial institutions across Africa and Asia. Founded in 2008 as a joint venture between MCB Group (80%) and HPS Group (20%), ICPS became fully owned by HPS in February 2021. As of 2023 the company employed 126 staff, served 30+ clients across 22 countries, and hosted more than 5.5 million cards under Visa, Mastercard, American Express, UnionPay International, Diners Club, and Discover brands, processing over 8 million transactions per month.
The company operates on HPS Group's PowerCARD platform, a cloud-native card management and switching system that spans the full payment value chain: card issuing, acquiring, switching, reconciliation, fraud management, tokenization (integrated with Visa Token Service and Mastercard Digital Enablement Service), and dispute resolution. Supporting products include debit, credit, prepaid, and fleet/corporate cards, mobile banking with cardless transactions, ATM and POS/MPOS terminal management, card personalization bureau services, a multi-currency wallet, and 3D Secure authentication. ICPS also runs an eAcademy training platform and offers professional consultancy covering PCI DSS, switch health checks, and card business assessments.
ICPS generates revenue primarily through processing fees from bank clients for managed card processing services, supplemented by card personalization bureau fees and professional services (training and consultancy). Pricing is bespoke and not publicly disclosed. The go-to-market is enterprise direct sales supported by presence at regional industry events (Africa Bank 4.0 Summit, Seamless Africa). The company holds PCI DSS v4.0.1, PCI PIN 3.0, ISO 27001, and ISO 22301 certifications, and is listed on Visa's Global Registry of Service Providers, which together form the regulatory backbone of its value proposition to regulated financial institution clients.
ICPS firmographics
Firmographics- Name
- ICPS
- Legal name
- International Card Processing Services Ltd
- Website
- https://icps.mu
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- ICPS, a Mauritius-based wholly-owned subsidiary of HPS Group, provides outsourced card payment processing, card personalization, and payments training to 30+ banks and financial institutions across 22 countries in Africa and Asia using the PowerCARD platform.
- Ownership category
- akta.pro rank
ICPS industry classification
Industry- Product category
- Payment Processing Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)
- SIC
- Services-Computer Processing & Data Preparation (7374), Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- Integrated Payment Processors (PSP/Acquirer) (FSAMABAA)
- akta.pro secondary industries
- Integrated POS Payments (ISVs & Vertical POS Platforms) (FSAMADAD), Card Issuing & Program Management Platforms (BPAMAFAH), Card Issuing Platforms (Issuer Processing) (FSAGABAD), Embedded Card Issuing & Card-as-a-Service (FSAGALAC)
Keywords
Where ICPS is headquartered
LocationHeadquarters
- HQ city
- Port Louis
- HQ country
- Mauritius
- HQ region
- Africa
Offices1 record
Markets served
ICPS business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Card Processing Services: ICPS provides outsourced card processing services to banks and financial institutions, enabling them to achieve economies of scale by outsourcing issuing, acquiring, switching, and back-office operations rather than maintaining in-house processing infrastructure. Revenue is generated through processing fees charged to client institutions.
- Training and Consultancy Services: ICPS delivers personalized training programs on payment industry fundamentals and PowerCARD solutions through its eAcademy platform. Consultancy services cover switch system health checks, card business assessments, and PCI DSS compliance support.
- Card Personalization Services: End-to-end card personalization services from production file reception through shipment of packaged personalized cards, serving banks and financial institutions.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels6 records
ICPS product offering
Product offeringCore offering
ICPS provides outsourced card payment processing services to banks and financial institutions across Africa and Asia, built on the HPS PowerCARD platform. Its core offering covers card issuing, acquiring, switching, reconciliation, fraud management, tokenization, card personalisation, and PCI DSS compliance support. The company also delivers training and consultancy through its eAcademy platform and professional services team.
Product overview
ICPS provides a comprehensive electronic payment processing platform built on HPS PowerCARD technology. The core offering consists of the PowerCARD suite which enables card issuing, acquiring, switching, and reconciliation across multiple channels. Supporting products include debit, credit, prepaid, and fleet/corporate cards; mobile banking with cardless transactions; ATM and POS/MPOS terminal management; card personalisation services; multi-channel payment gateway; and multi-currency wallets. Additional capabilities include Verified by Visa/SecureCode authentication, fraud management, and professional consultancy services. The company operates across 21 countries in Africa, processing over 8 million transactions per month with a platform hosting more than 5.5 million cards.
Differentiator
Problem solved
Functional benefit
Products and services
- PowerCARD Card Processing Platform
- Card Personalisation Services
- Multi-Channel Payment Gateway
- Mobile Banking Application
- ATM Services
- POS/MPOS Solution
- Professional Consultancy Services
- PowerCARD Training Courses
- eAcademy Learning Platform
Quantifiable outcome
- More than 5.5 million cards hosted on the ICPS platform
- +3 more outcomes
Companies that use ICPS
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
ICPS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature6 records
ICPS partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- HPS GroupcoreHPS Group is ICPS's parent company. ICPS was founded in 2008 as a joint venture between MCB Group (80%) and HPS Group (20%). HPS fully acquired ICPS in February 2021 by purchasing MCB's stake, making ICPS a wholly-owned subsidiary. ICPS operates on HPS's PowerCARD platform and is integrated into HPS's global payment processing ecosystem spanning 90+ countries.
- ControlCaseminorControlCase is a US-based compliance services provider that validates and certifies ICPS's PCI DSS compliance on an annual basis. ControlCase issued ICPS's PCI DSS 4.0 certification in December 2024.
- CORAL eSecureminorCORAL eSecure, based in India, provides management consulting on international best practices and offers network and application security assessments that ICPS leverages for its security posture.
Scale indicators12 records
Recent moves8 records
Expansion highlights5 records
ICPS competitors and assessment
Company assessmentBroad incumbents
- Fiserv: Global payments and financial technology provider with broad card processing, issuing, and acquiring capabilities. Competes with ICPS in providing outsourced payment processing to banks, though at vastly larger scale.
- Worldline: European-headquartered global payment processor with acquiring, issuing, and merchant services. Competes as a broad incumbent in the outsourced payment processing space, though with stronger European than African presence.
- Temenos: Banking software provider with card management and payment processing capabilities serving banks globally, including emerging markets. Competes with ICPS for outsourced banking technology budgets.
- FIS (Fidelity National Information Services): Major global financial technology provider offering card processing, issuing, and core banking solutions. Serves as a broad incumbent competitor with overlapping card management and processing products.
Direct peers
- Interswitch: Pan-African integrated payments and digital commerce company providing card processing, switching, and payment infrastructure to banks across Nigeria and broader Africa. Comparable in target market (African banks) and product scope.
- Network International: Leading payment processor across the Middle East and Africa, offering card issuing, acquiring, and processing services to banks and merchants. Directly comparable in geographic focus, client base, and service portfolio to ICPS.
- HPS Group: Parent company of ICPS and provider of the PowerCARD platform. Operates the same card management and switching technology across 90+ countries and 400+ institutions, with overlapping product offering and target market.
Emerging players
- Onafriq (formerly MFS Africa): Pan-African digital payments network connecting mobile wallets, banks, and money transfer operators across 40+ African countries. Comparable in African payments infrastructure focus though more weighted toward mobile money than card rails.
- TagPay: Banking-as-a-Service and core banking platform provider serving digital banks and fintechs in emerging markets. Comparable in targeting emerging market financial institutions, though more weighted toward digital banking than card processing.
Regional players
- Veritas Payments (now part of Network International): African-focused payment processor providing card acquiring and issuing services primarily in Southern Africa. Comparable in product offering and African bank client base, though more geographically concentrated.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
ICPS social profiles
Digital presenceICPS compliance and trust
Trust signalCompliance5 records
ICPS financial estimates
Financial estimateRevenue estimate
Valuation estimate
ICPS leadership team
Management profileNumber of profiles
Profiles8 records
ICPS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ICPS M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ICPS
What does ICPS do?
ICPS provides outsourced card payment processing services to banks and financial institutions across Africa and Asia, built on the HPS PowerCARD platform. Its core offering covers card issuing, acquiring, switching, reconciliation, fraud management, tokenization, card personalisation, and PCI DSS compliance support. The company also delivers training and consultancy through its eAcademy platform and professional services team.
Is ICPS a public or private company?
ICPS is a private company. It is classified as corporate owned and is currently operating.
When was ICPS founded?
ICPS was founded in 2008. It employs 101 to 250 people.
Where is ICPS based?
ICPS is headquartered in Port Louis, Mauritius, in the Africa region.
How does ICPS make money?
Three revenue lines are on record. Card Processing Services are the primary driver. The others are training and Consultancy Services and card Personalization Services.
Who are ICPS's main competitors?
Broad incumbents on record are Fiserv, Worldline, Temenos and FIS (Fidelity National Information Services). Direct peers are Interswitch, Network International and HPS Group. Emerging players are Onafriq (formerly MFS Africa) and TagPay. Veritas Payments (now part of Network International) is listed as a regional player.
Does ICPS have an API?
Yes. PowerCARD Connect-Open API is an open banking platform that enables FinTech firms to build innovative payments applications on banks and other financial institutions' existing payment systems. The platform supports two major API families: 'Servicing' and 'Transacting', allowing any payment system to push payment authorisations and transactions through PowerCARD to be processed or connected to the PowerCARD Back Office. ICPS uses the platform to develop mobile banking apps that allow customers to make payments, check statements and balances anywhere in the world 24/7.
What industry is ICPS in?
ICPS's product category is Payment Processing Services. Its primary akta.pro industry code is FSAMABAA, Integrated Payment Processors (PSP/Acquirer), with a secondary code of FSAMADAD, Integrated POS Payments (ISVs & Vertical POS Platforms). Its NAICS code is 522320 and its SIC code is 7374.