MasterCard behind strategy to develop card industry in Africa and Middle East

Johannesburg and Beirut - Sep 28, 2004 (PRN): CreditCard Services SAL (CSC) and iVeri Payment Technologies (iVeri) today announced a strategic alliance to enter Africa and the Middle East's emerging card market.

The two established players in the developing country card market were introduced by MasterCard SAMEA in its bid to further develop the card industry in the region. The focal point of the alliance between iVeri and CSC will be the rapid deployment of card acquiring in the region.

iVeri, established in 1998, is South Africa's largest provider of technology for virtual and mobile commerce. Processing in excess of a million transactions a month, iVeri serves a broad range of customers ranging from airlines to curio sellers.

CreditCard Services Company SAL (CSC), established in 1992, is a financial Institution regulated by the Central Bank of Lebanon and is a principal member of MasterCard with a franchise to issue MasterCard cards in several Middle Eastern countries. With equity of over USD 9,000,000 and a balance sheet of over USD 40,000,000, CSC is the largest financial institution of its kind in the Middle East, servicing over 45 banks including 3 central banks, for their ATM driving, Monitoring and switching needs, as well as issuing and processing both single message debit and traditional credit cards. It currently drives over 500 ATMs in 6 countries, dispensing several local currencies along with USD, Euro and Sterling Pounds.

"CSC was incorporated with the specific mandate to service banks in the region" said Dr Marwan Kaddoura, Chairman and CEO of CSC. " We provide banks with access to world class technology without any major upfront investment by the bank and we shorten their time to market from the traditional 18 month to 30 month period to as little as 3 months" he continued, "The Client bank can install its ATMs and issue its cards without having to spend value managerial time on understanding the technology or worrying about the back office details; the bank saves a lot of time and money and concentrates on its core business."

"We are African and our top priority providing technology for emerging markets," said Barry Coetzee, Chief Executive Officer of iVeri. "CSC has built a very successful franchise in the Middle East. By partnering we combine not only our local market knowledge, but also open up a presence into each other's markets. We look forward to a long-term, mutually beneficial relationship resulting from the combination of our respective local knowledge, distribution and management, market reach, product expertise and resources."

"A significant number of African banks have expressed the need for MasterCard card payment products in their countries," says Anthony West, MasterCard's vice president for business development in Africa. "We believe that this alliance will assist African banks with the challenges they currently face in implementing successful MasterCard payment card initiatives in their respective countries," he continues Cost is the Key Benefit The cost of technology in this low volume environment results in negative or unprofitable returns from traditional system implementations. The result of this is that Africa and the Middle East account for approximately only 4% of the world's card transactions. CSC and iVeri are able to offer banks a cost effective and quick to implement turnkey card solution that meets exacting international standards.

West says that standards form the backbone of MasterCard's global interoperability and allow African consumers to make a purchase anywhere in the world, from anyone in the world in a convenient and secure manner.

CSC places at the disposed of its client banks a software/hardware package worth more than USD 7.5 million, along with 135 dedicated professional with over 12 years experience of providing Middle Eastern and African banks with ATMs, POS and card solutions.

iVeri has extensive on-the-ground experience of card acceptance in developing economies. Their mobile commerce system has over the last two years allowed remote merchants such as game lodges and tourist trains to profitably process transactions in places with minimal infrastructure,.

Combining proprietary transaction technology with Open Source applications means iVeri can provide banks with appropriate and sustainable technology that is specifically designed to meet local conditions.

The first results of the alliance between CSC and iVeri are imminent.

October will see the acceptance of international credit cards in a Central African country and the introduction of mobile commerce in a Middle Eastern country. CSC is already well established in Lebanon, Jordan, Syria, Egypt, Sudan and Yemen. iVeri is represented in South Africa and Kenya.

Both CSC and iVeri are presenting papers at the MasterCard Sub-Saharan Africa/Indian Ocean Training & Market development Seminar in Nairobi, Kenya.

Additional information on CreditCard Services SAL may be found at http://www.issuers.com

iVeri (pronounced "ivory") Payment Technologies develops card payment solutions that include a Transaction Gateway and merchant Point-of-sale products. For more information go to http://www.iveri.com

-Ends-

About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment card brands including MasterCard, Maestro and Cirrus and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless advertising campaign is now seen in 96 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to http://www.mastercardinternational.com

For more information, contact:
Caryn Bessarabia
iVeri Payment Technologies
Email: caryn@iveri.com

Editor & CEO
Press Release Network
Tel: +9714 3312627
Email: editor@pressreleasenetwork.com
http://www.pressreleasenetwork.com

DISCLAIMER:
The content of each press release is the responsibility of the publishing organization and is not vetted or approved by Press Release Network prior to publication. Press Release Network is not liable directly or indirectly for any direct or consequential loss, damage or expense resulting from the material disseminated and published on the site.

Subscribers are advised to check the accuracy of all press releases and to obtain their own professional advice in relation to such information.

Information from Press Release Network may be freely distributed to any publication. Wherever applicable, please cite Press Release Network as the news source.

© Press Release 2004