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Union Bank of Nigeria PLC - Agreement
Reached
Executive
approval and signoff for development of new payment platform
London 30MAY07 -
An international consortium involving Electra Card Services Ltd
and CCS UK Ltd (CCS) has made a significant and historic step in
contracting with Union Bank of Nigeria PLC (formerly Barclays
Bank of Nigeria Ltd); one of the largest financial institutions
within the African territories.
The
project will lead to the implementation of a new e-banking
platform that will allow Union Bank to meet the demands and
expectations of
its
existing account holder base by issuing debit cards to people
within the country as well as developing a payment platform that
facilitates retail spending, contributing to the economic growth
of the country.
The
landmark milestone has been the result of over twelve months of
discussions in which CCS led by Managing Director, Mark McDonald
in collaboration with Jack Chang, co-inventor of the ATM machine
facilitated proceedings with their processing partner, Electra
Card Services to secure the contract and arrangement with Union
Bank.
This
initiative will be a prelude to a significant marketing strategy
to increase market share of the debit card space within the
banks region. The Consortium will focus on providing program
management and marshalling adjunct resources (payment
processing, card production, ATM, POS terminals, telecom
providers).
Further releases can be found at:
http://allafrica.com/stories/200705280217.html
Union Bank remains one of the most capitalized banks in Nigeria.
It has the largest shareholders’ funds of N 100.500 billion and
operates through 379 network of branches that are well spread
across the country, all of which are on-line, real time. Africa
is experiencing a major growth surge as financial institutions
in the region are rapidly positioning significant investments,
to maximize on new market growth opportunities brought through
the demand for electronic payment services in the region and
continual strengthening of the internet and ATM backbone across
both metropolis and rural areas.
About Union Bank of Nigeria
Union Bank of Nigeria Plc (http://www.unionbankng.com)
was established in 1917 as a Colonial Bank with its first branch
in Lagos. Today, Union Bank remains one of the best capitalized
banks in Nigeria. It has the largest shareholders' funds of
N100.500 billion and operates through a network of 379 branches
that are well spread across the country, all of which are
on-line, real time. The Bank is a leading regional bank in
sub-Sahara Africa in terms of its diverse investments across the
globe. As of 31st March, 2006, the Bank's gross earnings was N
66.576 billion; profit before tax was N 13.536 billion; total
assets was N 667.766 billion; and shareholders' fund was N
100.500 billion.
About Electra Card Services Ltd
Opusspft (http://www.opussoft.com)
was founded in 1997, with operations in North America, the Far
East and India. Its branded program ElectraCard, led by Electra
Card Services Ltd, is a comprehensive debit and credit card
management system which handles card-center requirements for
debit/ credit cards and provides quick and consistent response
time for managing data intensive card-issuing, bill production
and authorization requests It supports end-to-end requirements
of a credit card center including Card Application Processing,
Card Issuance, Online Authorization, Clearing and Settlement,
Dispute handling (Chargebacks), Statement Generation, Payment
Processing, Payment Follow-up and Customer Care. In acquiring
mode, it can also provide the customer with a comprehensive
Merchant Management module including settlements and merchant
care facilities.
About Credit Card
Solutions UK Ltd
CCS UK Ltd
(www.ccsprepay.com)
is a consultancy firm which since early 2005 has been consulting in the
area of prepaid debit implementation strategies specifically across the
Europe, Middle East and African (EMEA) region, expanding into Asia
Pacific and Latin America during 2006. By developing relationships with
issuing banks and transaction processors CCS guides its corporate
clientele to the most appropriate product offering based on a detailed
requirements assessment process and guidance by an internal financial
advisory counsel.
Contacts:
CCS Operations
Sharon Hay
admin@ccsprepay.com
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