Iraq selects Net1’s Secure Smart Card Technology

[trooper]

Iraq selects Net1’s Secure Smart Card Technology

Net1, in line with its vision and mission statement of providing technological solutions for emerging economies to enhance the lifestyles of their citizens, was selected by an Iraqi consortium comprising the Government, Rafidain Bank, Rasheed Bank and International Smart Card, a local technology company in Iraq, to provide a secure biometric technological solution to assist with the challenges currently encountered with the payment and distribution of cash entitlements.

On 3rd August 2008, the first “LIVE” transactions were demonstrated at the official launch in Baghdad, attended by the two state banks, along with the Iraqi Government, War Victim, Pension and Martyrdom Ministries. Smart card registration, biometric enrolment and issuing were demonstrated, along with offline loading of grant payments to the cards and the automatic dispensing of cash thereafter.

The UEPS system provides a convenient, secure and effective method for the distribution and payment of government grants to war victims, as well as the payment of pensions to beneficiaries. In order to stabilize the logistics involved in changing one’s method of payment, Phase 1 has been operating for a period of eighteen months whereby beneficiaries initially had to collect their grants on their specific days, as managed previously, at their specific bank branches. Instead of cashing government vouchers, they load their grants onto their cards and collect cash dispensed. After a period of 9 months, inter-operability was allowed between both bank branches allowing cardholders to make use of any of these branches to collect their payments. However, as payment volumes are increasing monthly, it has become imperative for our partners to deploy Phase 2 which will incorporate the cardholders being able to collect their grant and pension payments at CASH MERCHANTS who have agreed to participate in this next roll-out before opening the UEPS technology across all retail merchants.

The Ministry of Women Affairs recently joined the system to distribute government grants to widows of war victims. Registration process has commenced. Money Exchange Stores deployed across Iraq have agreed to enhance the payment collection infrastructure by agreeing to become cash dispensing branches earning a fee for providing services to the current UEPS smart card client base.

The UEPS technology has provided Iraq with a transaction tool to provide solutions for various new projects in Iraq. The ISC and local partners are in the process of introducing affordable loans to the current client base held by both the State banks and the relevant Government Ministries utilizing a software Loan Management System which can be integrated to the UEPS for distribution of the loan amounts granted to be paid directly to the smart card.

http://www.net1uets.co.za/Our_Technology/Success/Iraq.html

[cbs71]

Didn't they sign up with them in 2008? I don't think this is new news per se...but correct me if I am wrong.

[success7]

This article goes along with what Whiskey6 told the IQD Team last night on their call....there is great info on their call about current info on these cards....

760-569-7699 Pin 219055#

He was the third guy during the Q & A.........GREAT INFO he researched.

Edited December 14, 2011 by success7

[unirod]

This is one "smart" way to take currency out of circulation

[Carrello]

Scooter said it is the most sophisticated system in the world.

[uncirculd]

This is one "smart" way to take currency out of circulation

You betcha!

Didn't they sign up with them in 2008? I don't think this is new news per se...but correct me if I am wrong.

Yes they did. Here's an article. This for 18 months is working? yahoo... i wonder if they will say anything about how much dinar still out there physically.

http://www.globalsmart.com/Iraqi%20Government%20Net1s%20UEPS%20Technology