Taking banking offline
Net1 is using offline smartcard technology to bring banking services to emerging economies. The firm credits its financial success to constant uptime and online availability of its Stratus IT systems.
01 October 2007
NYSE-listed financial services company Net1's success in bringing banking and payment services to developing countries speaks for itself. It is estimated that four billion people across the globe do not have access to banking and money transfer facilities. Considering that the company's back-end system already processes R5 billion worth of transactions each month, the growth of Net1 is, indeed, compelling.
The company now boasts deployments across most of Africa that enable more individuals, who traditionally have had limited or no access to banking facilities, to enjoy the benefits of electronic transactions and payments with one another, merchants, employers, insurance and financial service providers. Current deployments on the continent include South Africa, Malawi, Nigeria, Namibia, Burundi, Ghana, Mozambique, Rwanda and Zimbabwe. The company is also breaking new ground in European and Asian countries, where emerging markets all face the same challenges: a lack of technology infrastructure, increasing poverty and crime.
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