JSE-listed Global Technology Holdings (Glotec) has secured a contract with the Development Bank of Ethiopia, its first venture into the African country.
Glotec provides solutions for the banking, insurance and financial communities across Africa and Australia.
The $1.2 million contract covers the provision of the Globus banking system along with rEward, a locally developed and 100%-owned application for processing loan applications and approvals as well as tracking and managing collections. The contract also involved implementation services for both applications.
Glotec has a 15% stake in Swiss-listed Temenos, the developer of the Globus system.
"The tracking and management of collections is critical to the bottom line profit of every business," says Glotec CEO Ray Leonard. "At the same time, financial organisations can use the collections process to enhance their customer relationships. This is what rEward does.
Leonard says the deal makes strategic sense for the group.
"In every sense this is a very important new signing. Ethiopia represents new territory for us and our securing this site allows us to continue expanding our African footprint."
He says the group won the contract in a hotly contested tender against several other bidders.
Glotec warned recently that it would report a significant loss for the year to 31 December 2002. It is also trading under a cautionary as it is involved in talks.
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