MIP targets unbanked market through acquisition of Itemate
[Johannesburg, 15 June 2011] -
MIP Holdings, one of South Africa's largest independent software houses, has acquired Stellenbosch-based Itemate Solutions for an undisclosed amount. The acquisition gives MIP access to Africa's vast unbanked market through merging financial services with cellular telephony devices.Itemate's range of packaged solutions addresses a wide range of requirements in the mobile and fixed-line telco markets. MIP says this will be a world-first in recognising the mobile device as a transaction mechanism rather than just a telephone for developing markets.“We believe the proliferation of wireless technology is going to transform the mobile device from not just a phone and camera, but rather to a device that replaces one's entire physical wallet to digital forms of credit cards, insurance policies, loans, identification documents and location services,” says MIP CEO and chairman Richard Firth.
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