Net1 Applied Technology Holdings (Aplitec) subsidiary Net1 Investment Holdings has been awarded two tenders by the Reserve Bank of Malawi for transaction switching and a smart card-based national payment system.
The new transaction switching system will be known as Malswitch, and will connect ATMs and point-of-sale terminals to the financial institutions as well as allowing branches to connect to each other and to the Central Bank.
This will operate in a similar way to the Saswitch system in SA.
The switching system will also provide an integrated ATM and Electronic Funds Transfer at the point-of-sale management system. Aplitec says the new systems will operate around the clock at a lower cost per transaction than the existing systems.
The second tender focuses on the deployment of a smart card-based national payment system using the Universal Electronic Payment System (UEPS).
The deals are worth an initial R20 million on installation with additional recurring revenue coming from new sales as the smart cards and smart terminals and the maintenance charges.
Net1 Investment Holdings was recently appointed the sole accredited UEPS systems integrator for the central Europe, Middle East and Africa region.
"This National System, together with our activities in Ghana, Rwanda, Burundi, SA as well as the many opportunities we are currently following, should position the UEPS technology as a de-facto standard in Africa," says Serge Belamant, CEO of Aplitec.
He also confirmed tenders in advanced stages in Kenya, the Democratic Republic of Congo, Mozambique, Zimbabwe, Namibia and Syria.
The company is currently involved in the pension payment and social welfare grants arena, handling payments in excess of R700 million per month on behalf of local government. Belamant says over 1.5 million smart cards have been issued by Aplitec.
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