| Tue 10 Apr 2001, 0:00 | | Aplitec Wins Malawi Contracts |
|
Net1 Investment Holdings (Pty) Ltd., a fully owned subsidiary of Net1 Applied
Technology Holdings Limited ("Aplitec") is pleased to announce that it has been
awarded two national tenders by the Reserve Bank of Malawi, the country's
central bank.
The first tender provides for the installation of a state of the art switching
and settlement system that will be utilized to facilitate communication between
a number of Malawi's banks and/or their branches. The switching system will
also provide a fully integrated Automatic Teller Machine ("ATM") and Electronic
Funds Transfer at the Point Of Sale ("EFTPOS") management system. The system is
designed to provide a 24 hour, 365 days a year service at a cost per
transaction that is far less than other systems on offer
The second tender focuses on the deployment of a smart card based National
Payment System by introducing the Universal Electronic Payment System
("UEPS") and its intrinsic functionality. The UEPS allows financial
organisations to leapfrog existing payment methodologies and to deliver
affordable financial services to the greater population whilst boosting
profitability. This goal is realized through the implementation of new added
value systems that can operate seamlessly on the UEPS platform.
The systems promote the smart card as a personal, portable but secure banking
account that can be loaded with funds through salary or wage payments, pension
or welfare benefits distribution systems, unemployment insurance payments and
cash. The card can then be used to budget and effect payments at Points of
Service (POS). The card can also facilitate stop orders and third party
payments or transfers. Most of the functions provided can operate in off-line
environments, that is, without the need to communicate with the card issuer at
the time of the transaction.
Dr. E. E. Ngalande, the governor of the Malawi Central Bank pointed out that
the Aplitec solution was rich in functionality, which when implemented, would
enhance the lifestyle of all Malawians. It was felt that the Aplitec solution
provides a unique and powerful financial instrument that can be offered to the
people of Malawi regardless of their financial standing."
The UEPS security design has been acclaimed to be the most innovative in this
field as it embodies the strengths of many cryptographic designs under one
algorithm. The net result is that the UEPS can deliver critical elements such
as automatic recovery, transaction cancellation, refunds and cash back at the
point of sale with no risk to the issuing organisations. In addition The UEPS
provides for dual electronic audit trails that ensure accurate auditing and
loss tolerance whilst preventing transaction duplication.
Mr. C. Drotsky, project manager for Malswitch pointed out that Aplitec were
chosen above many other suppliers and integrators because it was felt that
Aplitec could provide not only the most advanced technological solution, but
also because their systems have a track record of working profitably in
environments similar to the geographic and socio-economic make up of Malawi.
Mrs. B. Stewart, Project Director for Aplitec believes that the successful
implementation of the Malswitch project will open doors in many other African
countries that are searching for similar solutions as that offered to Malawi.
It is pleasing to have been part of this tendering process and to acknowledge
the depth of research that was conducted by the Malswitch evaluation team. We
know the power of our solution, but it is always better when the recognition
results in awards such as these two tenders." Ms Stewart said.
A comprehensive contractual agreement was signed on Friday 6th April 2001 and
the relevant initial orders were confirmed. The live implementation date has
been set for November 2001.
Mr. S.C.P. Belamant, Chief Executive Officer of Aplitec commented that: "This
National System, together with our activities in Ghana, Rwanda, Burundi, South
Africa as well as the many opportunities we are currently following, should
position the UEPS technology as a de-facto standard in Africa. The vote of
confidence by the Reserve Bank of Malawi goes a long way towards playing a
role, however small, in fulfilling the African Renaissance vision promoted by
our President, Thabo Mbeki."
Net1 Investment Holdings (Pty) Ltd. was recently appointed the sole UEPS
Technologies Inc. ("NUEP") accredited UEPS systems integrator for the (Central
Europe, Middle East and Africa) "CEMEA" region.
