Prism Transwitch Services (PTSS) - the leading provider of Electronic Funds Transfer (EFT) and bill payment processing services in SA`s retail and financial sectors - is now a fully "black empowered" company.
This follows the fulfilment of all conditions precedent - including Competition Board approval - to the sale of 25.1% of the company by JSE-listed Prism Holdings to Gijima Technologies. Gijima is a 100% black-owned entity focused on information technology, telecommunications and smart card technologies.
The first R12.3 million tranche of the R15.3 million cash payable by Gijima in terms of the sales agreement has been received by Prism.
Mike Smith, MD Prism TranSwitch Services, says the partnership with Gijima will enable PTSS to broaden its existing business base.
"We are very excited about this empowerment deal as it strongly supports our transformation initiatives and our drive to expand our business further into both public and private sector markets. We look forward to actively working with Gijima, a focused and hands-on company that brings a complementary set of skills and experience to the TranSwitch Services camp.
"At present, PTSS switches over 150 million transactions per annum on behalf of major retailers including Pick `n Pay, Shoprite and Edcon, making it the largest independent transaction processor in the domestic retail space. Its infrastructure and technologies are ideal for the extension of secure transaction services to the country`s unbanked. By leveraging Gijima`s presence in the government and parastatal technology space, PTSS will be well placed to work with parastatals and government to provide existing and new services to a broader spectrum of the South African market," he adds.
Gijima has appointed two directors to the board of PTSS, Robert Matana Gumede, Executive Chairman of Gijima Technologies, and Vuyo Sikwebu.
Gumede says Gijima will "hit the ground running" with PTSS now that the deal has been finalised.
"Gijima is thrilled to be the first 100% black-owned company involved in the transaction switching business in SA. We are looking forward to being able to extend the PTSS service suite to both private and public sector partners. With PTSS`s infrastructure and reach, we know that we can offer government a cost-effective and efficient electronic payments scheme for distributing pension payouts, UIF, grants and the like to the South African people.
"This deal is not a passive investment but a true partnership which benefits from complementary skills and technologies. Gijima believes that the future of the financial services industry, both private and public, will depend on switching capabilities and broad access to such facilities. Our partnership with PTSS allows us to fulfil our goal of getting operationally involved in the transaction switching arena," Gumede concludes.
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JSE-listed Prism Holdings Limited is a leader in the field of trusted electronic transaction products, solutions and services. The group has a strong presence in SA and an established and expanding footprint across Africa and South-East Asia.
Prism has a proven track record in the delivery of secure electronic payment technologies and end-to-end solutions for the retail, utilities, banking, cellular and petroleum industries. The group has developed and implemented innovative payment-centric solutions that bridge the following technologies:
* Chip cards including SIM cards, financial smart cards and telephone cards.
* Point-of-sale frameworks, applications and devices.
* OEM transaction modules including PINpads, card readers and self-service terminals.
* Transaction security modules and servers.
* Payment servers, messaging gateways and value-added-services gateways.
* End-to-end secure electronic payment architectures for wired and wireless networks.
Prism TranSwitch Services (PTSS)
Prism TranSwitch Services (PTSS), the services arm of Prism Holdings, focuses on the provision of high-volume, secure and convenient payment, prepayment and value-added services to the South African organisations and their customers. Based in Cape Town, PTSS is the largest bank-independent financial switch in southern Africa and processes up to 150 million transactions per annum.
The PTSS suite of services includes the following:
* EFT (Electronic Funds Transfer) services across debit, credit and fleet card transactions.
* EasyPay Bill Payment and Prepaid Electricity services.
* Prepaid cellular and Telkom services.
* Electronic gift voucher services.
* EasyLicense SABC TV licence issuing service.
* Third-party Switching and Processing Support including CGS (Cheque Guarantee Services) switching.
* Third-party hosting services (across payment servers and applications).
All PTSS services are backed by 24x7x365 monitoring and support services; reconciliation ACB settlement and reporting services and full disaster recovery and redundancy services.
Gijima Technologies
Gijima Technologies Group is a 100% black-owned entity focused on information technology, telecommunications and smart card technologies. Founded in 1998 by Robert Matana Gumede (Executive Chairman) and Nhlanhla Mhlongo (COO), the company has a national presence with 18 offices countrywide and an employee base of 450.
The Gijima Group has developed and implemented complex solutions. The group is involved in the following:
* IT: System integration, software development.
* Telecoms: Consulting, networking, support and maintenance.
* Smart cards manufacturing: The only 100% black-owned and managed smart card manufacturing facility in the world.
* Prepaid and scratch card manufacturing (GSM and fixed-line operators).
Gijima has won several awards for its role in technology include: 2000 Top 10 Black Achievers award from BMI-T and Department of Communications; 2001 Most Admired Black ICT Company - BMI-T and Department of Communications; 2002 Top 12 Black Empowerment Companies -Impumelelo Top 300 and IDC.
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