NET1 UEPS Technologies, Inc, a 50 per cent shareholder and the technology partner for SmartSwitch Namibia, announced yesterday that it had signed a contract with a consortium comprising the Iraq Government and Iraqi banks for the use of Net1’s Universal Electronic Payment System (UEPS) technology in that country.
Under the contract, Net1 will provide a customised UEPS banking and payment system to the consortium. The consortium, International Smart Card LLC, selected Net1 as its partner to assist with the challenges currently encountered with the payment and distribution of cash disbursements in Iraq.It is expected that the UEPS technology will also be utilised by Iraqi citizens living abroad, via bank branches in other countries.Projects identified include the payment of social grants to war victims, employee salary/wage payments, banking products and financial services.The first project will pilot the solution for the distribution of social grant payments to war victims.The consortium, International Smart Card LLC, selected Net1 as its partner to assist with the challenges currently encountered with the payment and distribution of cash disbursements in Iraq.It is expected that the UEPS technology will also be utilised by Iraqi citizens living abroad, via bank branches in other countries.Projects identified include the payment of social grants to war victims, employee salary/wage payments, banking products and financial services.The first project will pilot the solution for the distribution of social grant payments to war victims.
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