Net1 Investment Holdings (Pty) Ltd., a fully owned subsidiary of Net1 Applied Technology Holdings Limited ("Aplitec") is pleased to announce that it has been awarded two national tenders by the Reserve Bank of Malawi, the country`s central bank.
The first tender provides for the installation of a state of the art switching and settlement system that will be utilized to facilitate communication between a number of Malawi`s banks and/or their branches. The switching system will also provide a fully integrated Automatic Teller Machine ("ATM") and Electronic Funds Transfer at the Point Of Sale ("EFTPOS") management system. The system is designed to provide a 24 hour, 365 days a year service at a cost per transaction that is far less than other systems on offer
The second tender focuses on the deployment of a smart card based National Payment System by introducing the Universal Electronic Payment System ("UEPS") and its intrinsic functionality. The UEPS allows financial organisations to leapfrog existing payment methodologies and to deliver affordable financial services to the greater population whilst boosting profitability. This goal is realized through the implementation of new added value systems that can operate seamlessly on the UEPS platform.
The systems promote the smart card as a personal, portable but secure banking account that can be loaded with funds through salary or wage payments, pension or welfare benefits distribution systems, unemployment insurance payments and cash. The card can then be used to budget and effect payments at Points of Service (POS). The card can also facilitate stop orders and third party payments or transfers. Most of the functions provided can operate in off-line environments, that is, without the need to communicate with the card issuer at the time of the transaction.
Dr. E. E. Ngalande, the governor of the Malawi Central Bank pointed out that the Aplitec solution was rich in functionality, which when implemented, would enhance the lifestyle of all Malawians. It was felt that the Aplitec solution provides a unique and powerful financial instrument that can be offered to the people of Malawi regardless of their financial standing."
The UEPS security design has been acclaimed to be the most innovative in this field as it embodies the strengths of many cryptographic designs under one algorithm. The net result is that the UEPS can deliver critical elements such as automatic recovery, transaction cancellation, refunds and cash back at the point of sale with no risk to the issuing organisations. In addition The UEPS provides for dual electronic audit trails that ensure accurate auditing and loss tolerance whilst preventing transaction duplication.
Mr. C. Drotsky, project manager for Malswitch pointed out that Aplitec were chosen above many other suppliers and integrators because it was felt that Aplitec could provide not only the most advanced technological solution, but also because their systems have a track record of working profitably in environments similar to the geographic and socio-economic make up of Malawi.
Mrs. B. Stewart, Project Director for Aplitec believes that the successful implementation of the Malswitch project will open doors in many other African countries that are searching for similar solutions as that offered to Malawi. It is pleasing to have been part of this tendering process and to acknowledge the depth of research that was conducted by the Malswitch evaluation team. We know the power of our solution, but it is always better when the recognition results in awards such as these two tenders." Ms Stewart said.
A comprehensive contractual agreement was signed on Friday 6th April 2001 and the relevant initial orders were confirmed. The live implementation date has been set for November 2001.
Mr. S.C.P. Belamant, Chief Executive Officer of Aplitec commented that: "This National System, together with our activities in Ghana, Rwanda, Burundi, South Africa as well as the many opportunities we are currently following, should position the UEPS technology as a de-facto standard in Africa. The vote of confidence by the Reserve Bank of Malawi goes a long way towards playing a role, however small, in fulfilling the African Renaissance vision promoted by our President, Thabo Mbeki."
Net1 Investment Holdings (Pty) Ltd. was recently appointed the sole UEPS Technologies Inc. ("NUEP") accredited UEPS systems integrator for the (Central Europe, Middle East and Africa) "CEMEA" region.
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