Jul 03 2007 : Central Bank of Ghana has awarded the National Switch and Smart Card Payment System contract to Net 1 UEPS Technologies to supply and install a payments switch and biometric smart card technology. The contract is worth around US$20 million, Net1 says.
Johannesburg, South Africa-based Net1 says its biometric smart cards will provide unbanked Ghanaians with financial services such as prepaid utility bill accounts, money transfers, loans and savings accounts.
Net1's UEPS smart card-based payment system allows welfare payments and other fund transfers to be loaded onto smart cards, which can then be used for purchases at POS terminals. UEPS smart cards can either be authenticated by the cardholder entering a PIN or at a fingerprint reader.
A Net1 spokesperson says the switch will process not just UEPS smart card payments but also Visa and MasterCard debit and credit card transactions at POS terminals and ATMs. “The switch will handle all cards that are offered by the 23 independent banks in Ghana, plus UEPS smart cards,” according to the spokesman.
The switch, which will be implemented over the next nine months, will provide interoperability between all Ghana’s ATMs, POS devices and bank teller terminals owned by individual banks. In addition, it will link up to new ATMs and POS terminals which will be rolled out as a result of the Net1 contract.
The Net1 system includes card risk management technology as well as EMV software.
