FundsTech Corp. (BULLETIN BOARD: FNDS) (Frankfurt: "FT4," A0MWLG) today announced that a Central African financial institution has signed a letter of intent for the Company to plan or provide a complete debit and credit card processing solution.
Joe Tumbarello COO of FundsTech stated: "We are excited by the opportunity to assist this multi-branch financial institution in providing various infrastructure components such as debit and credit card solutions to it's customers in the Central African Economic Region. This represents a total population of approximately 45 Million. The Industry average for prepaid debit cards alone is $12.00 per month per card.
This total solution will include:
- Debit and Credit Card Processing
- Payroll Cards
- Money Transfer
- Micro Lending
Due to the non-disclosure agreement between the parties the Company cannot disclose the name of the financial institution at this time.
Victoria Vaksman, Executive Vice President of Europe, Middle East and Africa for FundsTech Corp stated: "We are very happy to achieve this important step in our African strategy. This agreement will enable us to leverage our current assets in South Africa across a broader number of customers and introduces us to a new region that includes The Central African Republic, Chad, Cameroon, The Republic of the Congo, Equatorial Guinea and Gabon among others."