VeriFone Holdings (NYSE: PAY) today announced that it has signed contractual agreements with leading transaction switching and electronic payment companies, Ferlo and Byte Tech, headquartered in Dakar, Senegal, for distribution of VeriFone payment solutions throughout the Union Economique et Monetaire Ouest Africaine (UEMOA) countries as well as Cameroon.
VeriFone's GPRS-enabled Vx 510, Vx 610 and Vx 670 payment systems will be rolled out regionwide to members of the CTMI, the regional inter-banking switch centre of the Western Africa Economic and Monetary Community, and their merchant customers. The UEMOA countries of Senegal, Ivory Coast, Togo, Benin, Niger, Mali, Burkina Faso and Guinea Bissau, have had a common currency in place since before the introduction of the Euro in Europe and more than 70 banks now fall under the umbrella of CTMI.
"We have a high regard for VeriFone and its excellent product offerings," said Tidiane Sarr, CEO of Ferlo Senegal. VeriFone's NURIT ATM is already deployed in Senegal by the microfinance payment system run by Ferlo.
Byte Tech, having previously worked exclusively with Ingenico, will now offer more choice to the market with VeriFone solutions. CEO Baba Wone said, "VeriFone has earned a strong reputation in West Africa through its commitment to helping develop the growing payments sector, and with access to such advanced payment systems it will create the opportunity for us to enhance our strong market presence."
Emerging electronic payment markets in Africa have become increasingly important to VeriFone's business in the Europe, Middle East and Africa region. VeriFone has built a leadership position as the supplier of choice for acquiring banks in South Africa, East Africa and Nigeria.
"VeriFone's advanced GPRS technology payment systems are especially suited to West Africa's developing payments markets, where a constant online communication channel between the merchant and financial institution is the key to fast and secure transactions," said Mark O'Flynn, sales director for VeriFone Middle East & Africa. "Ferlo and Byte Tech have deployed competitor payment systems in the past and have now come to the conclusion that VeriFone is the partner of choice for their long term strategic interesterests."
VeriFone's PCI-PED compliant range of GPRS-enabled Vx Solutions payment systems delivers reliable, high-speed performance, advanced functionality and ease of use. Powered by the latest in processor technology, they swiftly handle even the most complex transactions.