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Mediterranean Smart Cards Company (MSCC), an
outsourcing payment processor, has announced plans to upgrade its
presence in West Africa.

MSCC, a subsidiary of the Emerging Markets
Payments Group (EMPH), is planning to build a payment network,
headquartered in its Lagos office, to better serve a client base of
50 banks across West African.

The move reinforces EMP Group foothold in the
region where it also owns EMP Middle East and ACET Processing in
South Africa.

“The governments of African nations,
particularly Nigeria and Ghana, are focused on transitioning from
cash-oriented to cashless economies” said MSCC’s CEO Hoda
Shoukry.

Paul Edwards, Executive Chairman of the EMP
Group is predicting a significant upsurge in the electronic payment
industry across the continent.

“Today less than 20% of Africans have a
bank account but this is expected to exceed 50% within 5 to 10
years.

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“In Nigeria the Cashless Lagos programme,
initiated by the Central Bank, has seen over 4,000 POS machines
deployed in the past year together with a significant number of ATM
machines.”
Edwards said.

The new Lagos centre will be a key factor to
providing the infrastructure and electronic banking in the region,
Edwards remarked.