ICPS

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.

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

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

• Card payment processing
• Card management platform
• Payment switching services
• Card personalisation bureau
• PCI DSS compliance services

Headquarters

HQ city

Port Louis

HQ country

Mauritius

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature6 records

Partnerships

Three partnerships are on record, tiered core and minor.

• HPS GroupcoreTechnology or Integration · 8 February 2021HPS 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.
• ControlCaseminorImplementation/ SI/ Consulting PartnerControlCase 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 eSecureminorImplementation/ SI/ Consulting PartnerCORAL 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

Broad 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

• LinkedInlinkedin.com/company/icps-ltd

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICPS