NamITech (Pty) Limited, a member of the listed Altech group, has secured a contract for the supply of EMV (Europay, MasterCard and Visa) compliant bank cards into the Republic of Rwanda. The contract is significant for NamITech as it is the first EMV deal outside of SA for the company and is groundbreaking in terms of the deployment of EMV technology into Africa.
The contract is with SIMTEL, a consortium of seven banks, that has been established by the Rwandan government to modernise the country`s national payments network. The official launch of the smart card product was held in Rwanda, at a government supported function.
Eric Proudfoot, NamITech Executive: Banking Solutions responsible for Product, who is driving NamITech`s African strategy for banking, says: "The Rwandan government is acting very progressively by spearheading this initiative for an electronics payment system in its country. Having the full backing of government and the Central Bank has assured the success of the project to date.
"Research by Visa has shown that an electronic payment infrastructure such as the one developed by SIMTEL can contribute to an increased GDP and deliver true cost savings. A further important consideration, particularly for African countries, is that electronic payments can assist in banking the unbanked and replacing cash.
"NamITech is proud to be associated with such an exciting project. As a company with a strong pan-African strategy, it is reassuring that African companies have faith in African companies," says Proudfoot.
The first phase of the product will comprise debit cards only and will be limited to domestic transactions. However, plans are under way to expand the solution to foreign transactions by year-end.
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NamITech (Pty) Ltd is a secure technology provider focusing on a number of key market areas: mobile, banking, industry and government. NamITech strives to add value to business through providing leading edge innovative secure technology solutions aimed at facilitating trusted card technology, payment solutions, and digital trust services for its customers. The company is a Proudly South African member and has received an AA Premium rating from EmpowerDEX, an independent economic empowerment-rating agency.
NamITech is a subsidiary of the multibillion-rand JSE Securities Exchange-listed Altech group of companies and has an established reputation of credibility and integrity. The company operates out of two centrally located premises Johannesburg. For further information, visit www.namitech.com.
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